
/*^^^^^^^********************************************************************************************
*****************************************************************************************************
*********************               ^^^^^ Piercing through Opacity: ^^^^^^                     ******
*****         ^^^ Relationships and Credit Card Lending to Consumers and Small Businesses ^^^  ******
*********************        ^^^  during Normal Times and the COVID-19 Crisis ^^^        ************						             		
****************************	 ^^^     Replication Regression Codes         ^^^********************						 
*****************************************************************************************************	
**********************************************************************************************^^^^^^^/

*************************************************
STATA Settings:
*************************************************/

clear
clear matrix
clear mata
set maxvar 32767
set matsize 11000
set more off
set scrollbufsize 500000
set varabbrev off
set scheme s2mono, permanently
cap log close

*ssc install reghdfe
*ssc install ftools
*ssc install ivreghdfe
*ssc install ivreg2
*ssc install ranktest

/*********************************************************************************************************************************************************
Structure of the File:
*********************************************************************************************************************************************************/

•	This file contains the regression codes used to construct all tables and figures in "Piercing through Opacity: Relationships and Credit Card Lending 
	to Consumers and Small Businesses during Normal Times and the COVID-19 Crisis."

•	The supervisory confidential Federal Reserve Y-14M data used in the regressions cannot be shared publicly to protect the confidentiality of the banks 
	that submitted their information to the Federal Reserve for the purposes of stress tests. Even within the Federal Reserve, only those with an 
	approved data need can see Y-14 data and this dataset. 

•	All regressions in the paper are run using STATA for random samples drawn from the Y-14M dataset and aim to assess how relationships affect credit card 
	terms to credit card customers during normal times (June 2013 to February 2020) and the COVID-19 times (November 2019 to June 2020). 

•	Please refer to Section 3 in the paper for our data construction and sample selection. 

    •  Our main analyses use a 0.5% random sample for new consumer originations and a 5% random sample for new small business originations.

    •  Some analyses in the Online Appendix use a 0.1% random sample for existing consumer accounts and a 1% random sample for small business existing accounts.

•	Table 1 and Table OA.4 contain definitions and data sources for all variables used in the analysis.

•	All codes are anonymized to ensure that we do not expose information on any individual banks, loans, or customers, or Federal Reserve file paths.

/***********************************************************************************************************************************************************/
 
**************************************************
***Table 1 Panel B: Summary Statistics************
**************************************************/

***Panel B.1: Normal Times

***Consumers

use "CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
gen ta_adj_bill=ta_adj/1000000
gen other_card=1-(general_pupose+cobrand+affinity)

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit any_rel_3y originalcreditscoreprimaryborrow score_300_580 score_580_660 score_660_720 score_720plus ln_borrowerincome income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity other_card customer_branch_app customer_other_app pre_approved apply_invitation other_initiated bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final ta_adj_bill borrowerincome ln_close_dis close_dis bank_rel rel_dummy_3y deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

clear

***Small Businesses

use "CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
gen ta_adj_bill=ta_adj/1000000
gen other_card=1-(general_pupose+cobrand+affinity)

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit any_rel_3y originalcreditscoreprimaryborrow score_300_580 score_580_660 score_660_720 score_720plus ln_borrowerincome income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity other_card customer_branch_app customer_other_app pre_approved apply_invitation other_initiated bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final ta_adj_bill borrowerincome ln_close_dis close_dis bank_rel rel_dummy_3y deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

clear

****differences in means for rel vs non-rel

***normal times

ttable2 apr_spread ln_currentcreditlimit currentcreditlimit cycleendingbalance ta_adj_bill ln_close_dis close_dis originalcreditscoreprimaryborrow score_300_580 score_580_660 score_660_720 score_720plus borrowerincome ln_borrowerincome income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity other_card customer_branch_app customer_other_app pre_approved apply_invitation other_initiated other_source bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, by(any_rel_3y)

***crisis

ttable2 apr_spread ln_currentcreditlimit currentcreditlimit cycleendingbalance ta_adj_bill ln_close_dis close_dis originalcreditscoreprimaryborrow score_300_580 score_580_660 score_660_720 score_720plus borrowerincome ln_borrowerincome income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity other_card customer_branch_app customer_other_app pre_approved apply_invitation other_initiated other_source bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & us_econ_cris_us_dummy1==0 , by(any_rel_3y)

ttable2 apr_spread ln_currentcreditlimit currentcreditlimit cycleendingbalance ta_adj_bill ln_close_dis close_dis originalcreditscoreprimaryborrow score_300_580 score_580_660 score_660_720 score_720plus borrowerincome ln_borrowerincome income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity other_card customer_branch_app customer_other_app pre_approved apply_invitation other_initiated other_source bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & us_econ_cris_us_dummy1==1, by(any_rel_3y)


*****Panel B.2: COVID-19

***Consumers

use "CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

gen ta_adj_bill=ta_adj/1000000
gen other_card=1-(general_pupose+cobrand+affinity)

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit any_rel_3y us_econ_cris_us_dummy1 originalcreditscoreprimaryborrow score_300_580 score_580_660 score_660_720 score_720plus ln_borrowerincome income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity other_card customer_branch_app customer_other_app pre_approved apply_invitation other_initiated bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final ta_adj_bill borrowerincome ln_close_dis close_dis bank_rel rel_dummy_3y deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

***Pre & Post

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit any_rel_3y us_econ_cris_us_dummy1 originalcreditscoreprimaryborrow score_300_580 score_580_660 score_660_720 score_720plus ln_borrowerincome income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity other_card customer_branch_app customer_other_app pre_approved apply_invitation other_initiated bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final ta_adj_bill borrowerincome ln_close_dis close_dis bank_rel rel_dummy_3y deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel if time_mm>=201911 & us_econ_cris_us_dummy1==0, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit any_rel_3y us_econ_cris_us_dummy1 originalcreditscoreprimaryborrow score_300_580 score_580_660 score_660_720 score_720plus ln_borrowerincome income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity other_card customer_branch_app customer_other_app pre_approved apply_invitation other_initiated bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final ta_adj_bill borrowerincome ln_close_dis close_dis bank_rel rel_dummy_3y deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel if time_mm>=201911 & us_econ_cris_us_dummy1==1, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

clear

***Small Businesses

use "CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

gen ta_adj_bill=ta_adj/1000000
gen other_card=1-(general_pupose+cobrand+affinity)

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit cycleendingbalance ta_adj_bill any_rel_3y bank_rel rel_dummy_3y ln_close_dis close_dis originalcreditscoreprimaryborrow score_300_580 score_580_660 score_660_720 score_720plus borrowerincome ln_borrowerincome income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity other_card customer_branch_app customer_other_app pre_approved apply_invitation other_initiated bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

***Pre and Post

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit any_rel_3y us_econ_cris_us_dummy1 originalcreditscoreprimaryborrow score_300_580 score_580_660 score_660_720 score_720plus ln_borrowerincome income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity other_card customer_branch_app customer_other_app pre_approved apply_invitation other_initiated bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final ta_adj_bill borrowerincome ln_close_dis close_dis bank_rel rel_dummy_3y deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel if time_mm>=201911 & us_econ_cris_us_dummy1==0, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit any_rel_3y us_econ_cris_us_dummy1 originalcreditscoreprimaryborrow score_300_580 score_580_660 score_660_720 score_720plus ln_borrowerincome income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity other_card customer_branch_app customer_other_app pre_approved apply_invitation other_initiated bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final ta_adj_bill borrowerincome ln_close_dis close_dis bank_rel rel_dummy_3y deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel if time_mm>=201911 & us_econ_cris_us_dummy1==1, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

clear


**********************************************************************************
***Table 2 Panel A: Relationship Effects on Credit Card Customers: Normal Times***
**********************************************************************************

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 

keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"

keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


************************************************************************************************************
***Table 2 Panel B: Relationship Effects on Credit Card Customers: COVID-19 Crisis***
************************************************************************************************************

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 

keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"

keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear



********************************************************************************
****************Figure 1: Effects on Credit Supply to Credit Card Customers*****
********************************************************************************

*****Panels A & B, New Accounts****

***Consumers

***Normal Times

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store c_apr_normal

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store c_limit_normal

***COVID-19 Crisis

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store c_apr_cris

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store c_limit_cris

clear


***Small Businesses

***Normal Times

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store b_apr_normal

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store b_limit_normal

***COVID-19 Crisis

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store b_apr_cris

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store b_limit_cris

clear

****Final Figures! used normal times and crisis coefficients both from the crisis regressions for a better comparison!

coefplot c_apr_cris b_apr_cris, vertical keep (any_rel_3y any_rel_3y_cris) recast(bar) barwidth(0.3) fcolor(*.5) ciopts(recast(rcap)) citop format(%9.2f) addplot(scatter @b @at, ms(i) mlabel(@b) mlabpos(2) mlabcolor(black))

coefplot c_limit_cris b_limit_cris, vertical keep (any_rel_3y any_rel_3y_cris) recast(bar) barwidth(0.3) fcolor(*.5) ciopts(recast(rcap)) citop format(%9.2f) addplot(scatter @b @at, ms(i) mlabel(@b) mlabpos(2) mlabcolor(black))



******************************************************************************************************************************************
*****Table 3: Effects on Credit Card Customers during Normal Times and Changes during the COVID-19 Crisis – Robustness of Main Results ***
*****Panel A: IV (3-stage as in Wooldridge (2002), Section 18.4.1, dummy endogenous model)                                             ***
******************************************************************************************************************************************

*****Normal Times*****

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

***normal times
**iv 1st stage
probit any_rel_3y ln_close_dis score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final i.time_mm if time_mm<=202002, r cluster(county_code)
predict hat2

**iv last 3rd stage 
ivreghdfe apr_spread ln_currentcreditlimit (any_rel_3y=hat2) score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

ivreghdfe ln_currentcreditlimit (any_rel_3y= hat2) score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear 

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

***normal times
**iv 1st stage
probit any_rel_3y ln_close_dis score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final i.time_mm if time_mm<=202002, r cluster(county_code)
predict hat2

**iv last 3rd stage 
ivreghdfe apr_spread ln_currentcreditlimit (any_rel_3y=hat2) score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

ivreghdfe ln_currentcreditlimit (any_rel_3y=hat2) score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*****COVID19 Crisis*****

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)


***crisis times
**iv 1st stage
probit any_rel_3y ln_close_dis score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final i.time_mm if time_mm>=201911, r cluster(county_code)
predict hat2
gen hat2_cris=hat2*us_econ_cris_us_dummy1

**iv last 3rd stage
ivreghdfe apr_spread ln_currentcreditlimit (any_rel_3y any_rel_3y_cris=hat2 hat2_cris) score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

ivreghdfe ln_currentcreditlimit (any_rel_3y any_rel_3y_cris= hat2 hat2_cris) score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear 

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)


***crisis times
**iv 1st stage
probit any_rel_3y ln_close_dis score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final i.time_mm if time_mm>=201911, r cluster(county_code)
predict hat2
gen hat2_cris=hat2*us_econ_cris_us_dummy1

**iv last 3rd stage
ivreghdfe apr_spread ln_currentcreditlimit (any_rel_3y any_rel_3y_cris=hat2 hat2_cris) score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

ivreghdfe ln_currentcreditlimit (any_rel_3y any_rel_3y_cris= hat2 hat2_cris) score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

******************************************************************************************************************************************
*****Table 3: Effects on Credit Card Customers during Normal Times and Changes during the COVID-19 Crisis – Robustness of Main Results ***
*****Panel B: PSM Analysis                                                                                                             ***
******************************************************************************************************************************************

*--------------------------------------------------------------------------------------------------------------------
*Case 1a: 1-1 Matching without replacement: CONSUMERS - NORMAL TIMES
*--------------------------------------------------------------------------------------------------------------------

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final_brief.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1

set seed 123456
gen u=uniform()
sort u

psmatch2 any_rel_3y ln_close_dis score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final i.time_mm if time_mm<=202002, noreplacement neighbor(1) common caliper (0.01)

sort _id
save "PSM\cmatch1_raw0.dta"
count
keep _n1
sort _n1
drop if missing(_n1)
rename _n1  _id
count
sort _id
bysort _id: drop if _id==_id[_n-1]

save "PSM\cmatch1_control_ids0.dta"
merge m:m _id using "PSM\cmatch1_raw0.dta"
keep if _merge == 3 |  any_rel_3y ==1
count
drop if missing(_treated)
save "PSM\csample_match1_1_1_woreplacement_nt.dta"

***run regressions
use "PSM\csample_match1_1_1_woreplacement_nt.dta"

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear
*--------------------------------------------------------------------------------------------------------------------


*--------------------------------------------------------------------------------------------------------------------
*Case 2a: 1-1 Matching without replacement: BUSINESSES - NORMAL TIMES
*--------------------------------------------------------------------------------------------------------------------

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1

set seed 123456
gen u=uniform()
sort u

psmatch2 any_rel_3y ln_close_dis score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final i.time_mm if time_mm<=202002, noreplacement neighbor(1) common caliper (0.01)
sort _id
save "PSM\bmatch1_raw0.dta"
count
keep _n1
sort _n1
drop if missing(_n1)
rename _n1  _id
count
sort _id
bysort _id: drop if _id==_id[_n-1]

save "PSM\bmatch1_control_ids0.dta"
merge m:m _id using "PSM\bmatch1_raw0.dta"
keep if _merge == 3 |  any_rel_3y ==1
count
drop if missing(_treated)
save "PSM\bsample_match1_1_1_woreplacement_nt.dta"

***run regressions
use "PSM\bsample_match1_1_1_woreplacement_nt.dta"

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear
*--------------------------------------------------------------------------------------------------------------------


*--------------------------------------------------------------------------------------------------------------------
*Case 1b: 1-1 Matching without replacement: CONSUMERS - COVID TIMES
*--------------------------------------------------------------------------------------------------------------------

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final_brief.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1


set seed 123456
gen u=uniform()
sort u

psmatch2 any_rel_3y ln_close_dis score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final i.time_mm if time_mm>=201911, noreplacement neighbor(1) common caliper (0.01)
sort _id
save "PSM\cmatch1_raw00.dta"
count
keep _n1
sort _n1
drop if missing(_n1)
rename _n1  id
count
sort _id
bysort _id: drop if _id==_id[_n-1]

save "PSM\cmatch1_control_ids00.dta"
merge m:m _id using "PSM\cmatch1_raw00.dta"
keep if _merge == 3 | any_rel_3y ==1
count
drop if missing(_treated)
save "PSM\csample_match1_1_1_woreplacement_ct.dta"

***run regressions
use "PSM\csample_match1_1_1_woreplacement_ct.dta"

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

*--------------------------------------------------------------------------------------------------------------------


*--------------------------------------------------------------------------------------------------------------------
*Case 2b: 1-1 Matching without replacement: BUSINESSES - COVID TIMES
*--------------------------------------------------------------------------------------------------------------------

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1


set seed 123456
gen u=uniform()
sort u

psmatch2 any_rel_3y ln_close_dis score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final i.time_mm if time_mm>=201911, noreplacement neighbor(1) common caliper (0.01)
sort _id
save "PSM\bmatch1_raw00.dta"
count
keep _n1
sort _n1
drop if missing(_n1)
rename _n1 id
count
sort _id
bysort _id: drop if _id==_id[_n-1]

save "PSM\bmatch1_control_ids00.dta"
merge m:m _id using "PSM\bmatch1_raw00.dta"
keep if _merge == 3 |  any_rel_3y ==1
count
drop if missing(_treated)
save "PSM\bsample_match1_1_1_woreplacement_ct.dta"

***run regressions
use "PSM\bsample_match1_1_1_woreplacement_ct.dta"

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear
*--------------------------------------------------------------------------------------------------------------------

******************************************************************************************************************************************
*****Table 3: Effects on Credit Card Customers during Normal Times and Changes during the COVID-19 Crisis – Robustness of Main Results ***
*****Panel C: Heckman Model                                                                                                            ***
******************************************************************************************************************************************

****Normal Times*******

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

***normal times
probit any_rel_3y ln_close_dis score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final i.time_mm if time_mm<=202002, r cluster(county_code)

predict bz, xb
gen phi = normalden(bz)
gen capphi = normal(bz)
gen lambda1 = phi/capphi
gen lambda2 = -phi/(1-capphi)
gen lambda= lambda1*any_rel_3y+lambda2*(1-any_rel_3y)
drop bz phi capphi lambda1 lambda2

reghdfe apr_spread ln_currentcreditlimit any_rel_3y lambda score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y lambda score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

***normal times
probit any_rel_3y ln_close_dis score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final i.time_mm if time_mm<=202002, r cluster(county_code)

predict bz, xb
gen phi = normalden(bz)
gen capphi = normal(bz)
gen lambda1 = phi/capphi
gen lambda2 = -phi/(1-capphi)
gen lambda= lambda1*any_rel_3y+lambda2*(1-any_rel_3y)
drop bz phi capphi lambda1 lambda2

reghdfe apr_spread ln_currentcreditlimit any_rel_3y lambda score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)
outreg2 using "Table3C.xls", adjr2 tstat bdec(3) tdec(3) nolabel append
reghdfe ln_currentcreditlimit any_rel_3y lambda score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)
outreg2 using "Table3C.xls", adjr2 tstat bdec(3) tdec(3) nolabel append

clear

****COVID-19**********

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

***crisis times
probit any_rel_3y ln_close_dis score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final i.time_mm if time_mm>=201911, r cluster(county_code)

predict bz, xb
gen phi = normalden(bz)
gen capphi = normal(bz)
gen lambda1 = phi/capphi
gen lambda2 = -phi/(1-capphi)
gen lambda= lambda1*any_rel_3y+lambda2*(1-any_rel_3y)
drop bz phi capphi lambda1 lambda2

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris lambda score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris lambda score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

***crisis times
probit any_rel_3y ln_close_dis score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final i.time_mm if time_mm>=201911, r cluster(county_code)

predict bz, xb
gen phi = normalden(bz)
gen capphi = normal(bz)
gen lambda1 = phi/capphi
gen lambda2 = -phi/(1-capphi)
gen lambda= lambda1*any_rel_3y+lambda2*(1-any_rel_3y)
drop bz phi capphi lambda1 lambda2

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris lambda score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris lambda score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

******************************************************************************************************************************************
*****Table 3: Effects on Credit Card Customers during Normal Times and Changes during the COVID-19 Crisis – Robustness of Main Results ***
*****Panel D: Falsification Tests: Placebo random assignment *****************************************************************************
******************************************************************************************************************************************

***Normal Times********

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if time_m<=202002

***random assignment
count if any_rel_3y==1 
set seed 12345
gen rannum = uniform()
sort rannum
gen pany_rel_3y=.
replace pany_rel_3y=1 in 1/282627
replace pany_rel_3y=0 if missing(pany_rel_3y)
su any_rel_3y pany_rel_3y
gen pany_rel_3y_cris =pany_rel_3y*us_econ_cris_us_dummy1

***normal times
reghdfe apr_spread ln_currentcreditlimit pany_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit pany_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if time_m <=202002
***random assignment
count if any_rel_3y==1
set seed 12345
gen rannum = uniform()
sort rannum
gen pany_rel_3y=.
replace pany_rel_3y=1 in 1/158472
replace pany_rel_3y=0 if missing(pany_rel_3y)
su any_rel_3y pany_rel_3y

***normal times
reghdfe apr_spread ln_currentcreditlimit pany_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit pany_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***COVID-19 Crisis**********

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if time_m >=201911
***random assignment
count if any_rel_3y==1
set seed 12345
gen rannum = uniform()
sort rannum
gen pany_rel_3y=.
replace pany_rel_3y=1 in 1/20731
replace pany_rel_3y=0 if missing(pany_rel_3y)
su any_rel_3y pany_rel_3y
gen pany_rel_3y_cris =pany_rel_3y*us_econ_cris_us_dummy1

***crisis times
reghdfe apr_spread ln_currentcreditlimit pany_rel_3y pany_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)
d
reghdfe ln_currentcreditlimit pany_rel_3y pany_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if time_m >=201911
***random assignment
count if any_rel_3y==1
set seed 1234567
gen rannum = uniform()
sort rannum
gen pany_rel_3y=.
replace pany_rel_3y=1 in 1/19012
replace pany_rel_3y=0 if missing(pany_rel_3y)
su any_rel_3y pany_rel_3y
gen pany_rel_3y_cris =pany_rel_3y*us_econ_cris_us_dummy1

***crisis times
reghdfe apr_spread ln_currentcreditlimit pany_rel_3y pany_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit pany_rel_3y pany_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

*********************************************************************************************************
***Table 4: Decompositions of Relationships during Normal Times and Changes during the COVID-19 Crisis***
***Panel A: Conventional Bank vs Credit Card Relationships                                            ***
*********************************************************************************************************

****Normal Times******

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit bank_rel rel_dummy_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit bank_rel rel_dummy_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit bank_rel rel_dummy_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit bank_rel rel_dummy_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

****COVID-19 Crisis******

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit bank_rel rel_dummy_3y bank_rel_cris rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit bank_rel rel_dummy_3y bank_rel_cris rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit bank_rel rel_dummy_3y bank_rel_cris rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit bank_rel rel_dummy_3y bank_rel_cris rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*********************************************************************************************************
***Table 4: Decompositions of Relationships during Normal Times and Changes during the COVID-19 Crisis***
***Panel B: Decomposition by Dimensions of Conventional Bank Relationships                            ***
*********************************************************************************************************

****Normal Times******

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel rel_dummy_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel rel_dummy_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel rel_dummy_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel rel_dummy_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

****COVID-19 Crisis***********

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel deposit_rel_cris inv_rel_cris mortg_rel_cris auto_rel_cris student_rel_cris otherloan_rel_cris multi_rel_cris rel_dummy_3y rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel deposit_rel_cris inv_rel_cris mortg_rel_cris auto_rel_cris student_rel_cris otherloan_rel_cris multi_rel_cris rel_dummy_3y rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel deposit_rel_cris inv_rel_cris mortg_rel_cris auto_rel_cris student_rel_cris otherloan_rel_cris multi_rel_cris rel_dummy_3y rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel deposit_rel_cris inv_rel_cris mortg_rel_cris auto_rel_cris student_rel_cris otherloan_rel_cris multi_rel_cris rel_dummy_3y rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*************************************************************************************************************************************
***Table 5: Effects of Low-Risk vs. High-Risk Credit Card Relationships during Normal Times and Changes during the COVID-19 Crisis***
***Panel A: Consumers during Normal Times                                                                                         ***
*************************************************************************************************************************************

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
count

merge m:m bhc_customer_key periodid using "Replacement_Cards\cc_list_plus_final.dta"
drop if _merge==2
count

gen rel_dummy_3y_bad=(rel_dummy_3y==1 & dpd_3yrs_max>=60 & dpd_3yrs_max!=.)
gen rel_dummy_3y_good=(rel_dummy_3y==1 & dpd_3yrs_max<60 & dpd_3yrs_max!=.)

gen rel_dummy_3y_bad2=(rel_dummy_3y==1 & dpd_3yrs_max>=90 & dpd_3yrs_max!=.)
gen rel_dummy_3y_good2=(rel_dummy_3y==1 & dpd_3yrs_max<90 & dpd_3yrs_max!=.)

gen rel_dummy_3y_bad5=(rel_dummy_3y==1 & util_rate_3yrs_avg>=0.9 & util_rate_3yrs_avg!=.)
gen rel_dummy_3y_good5=(rel_dummy_3y==1 & util_rate_3yrs_avg<0.9 & util_rate_3yrs_avg!=.)

gen rel_dummy_3y_bad6=(rel_dummy_3y==1 & refreshed_creditscore_3yrs_avg<580 & refreshed_creditscore_3yrs_avg!=.)
gen rel_dummy_3y_good6=(rel_dummy_3y==1 & refreshed_creditscore_3yrs_avg>=580 & refreshed_creditscore_3yrs_avg!=.)


***normal times

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good rel_dummy_3y_bad bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good rel_dummy_3y_bad bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good2 rel_dummy_3y_bad2 bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good2 rel_dummy_3y_bad2 bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good5 rel_dummy_3y_bad5 bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good5 rel_dummy_3y_bad5 bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good6 rel_dummy_3y_bad6 bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good6 rel_dummy_3y_bad6 bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*************************************************************************************************************************************
***Table 5: Effects of Low-Risk vs. High-Risk Credit Card Relationships during Normal Times and Changes during the COVID-19 Crisis***
***Panel B: Small Businesses during Normal Times                                                                                  ***
*************************************************************************************************************************************

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
count

merge m:m bhc_customer_key periodid using "Replacement_Cards\bus_list_plus.dta"
drop if _merge==2
count

gen rel_dummy_3y_bad=(rel_dummy_3y==1 & dpd_3yrs_max>=60 & dpd_3yrs_max!=.)
gen rel_dummy_3y_good=(rel_dummy_3y==1 & dpd_3yrs_max<60 & dpd_3yrs_max!=.)

gen rel_dummy_3y_bad2=(rel_dummy_3y==1 & dpd_3yrs_max>=90 & dpd_3yrs_max!=.)
gen rel_dummy_3y_good2=(rel_dummy_3y==1 & dpd_3yrs_max<90 & dpd_3yrs_max!=.)

gen rel_dummy_3y_bad5=(rel_dummy_3y==1 & util_rate_3yrs_avg>=0.9 & util_rate_3yrs_avg!=.)
gen rel_dummy_3y_good5=(rel_dummy_3y==1 & util_rate_3yrs_avg<0.9 & util_rate_3yrs_avg!=.)

gen rel_dummy_3y_bad6=(rel_dummy_3y==1 & refreshed_creditscore_3yrs_avg<580 & refreshed_creditscore_3yrs_avg!=.)
gen rel_dummy_3y_good6=(rel_dummy_3y==1 & refreshed_creditscore_3yrs_avg>=580 & refreshed_creditscore_3yrs_avg!=.)


***normal times

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good rel_dummy_3y_bad bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good rel_dummy_3y_bad bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good2 rel_dummy_3y_bad2 bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good2 rel_dummy_3y_bad2 bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good5 rel_dummy_3y_bad5 bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good5 rel_dummy_3y_bad5 bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good6 rel_dummy_3y_bad6 bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good6 rel_dummy_3y_bad6 bank_rel score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*************************************************************************************************************************************
***Table 5: Effects of Low-Risk vs. High-Risk Credit Card Relationships during Normal Times and Changes during the COVID-19 Crisis***
***Panel C: Consumers during the COVID-19 Crisis                                                                                  ***
*************************************************************************************************************************************

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
count

merge m:m bhc_customer_key periodid using "Replacement_Cards\cc_list_plus_final.dta"
drop if _merge==2
count

gen rel_dummy_3y_bad=(rel_dummy_3y==1 & dpd_3yrs_max>=60 & dpd_3yrs_max!=.)
gen rel_dummy_3y_good=(rel_dummy_3y==1 & dpd_3yrs_max<60 & dpd_3yrs_max!=.)

gen rel_dummy_3y_bad2=(rel_dummy_3y==1 & dpd_3yrs_max>=90 & dpd_3yrs_max!=.)
gen rel_dummy_3y_good2=(rel_dummy_3y==1 & dpd_3yrs_max<90 & dpd_3yrs_max!=.)

gen rel_dummy_3y_bad5=(rel_dummy_3y==1 & util_rate_3yrs_avg>=0.9 & util_rate_3yrs_avg!=.)
gen rel_dummy_3y_good5=(rel_dummy_3y==1 & util_rate_3yrs_avg<0.9 & util_rate_3yrs_avg!=.)

gen rel_dummy_3y_bad6=(rel_dummy_3y==1 & refreshed_creditscore_3yrs_avg<580 & refreshed_creditscore_3yrs_avg!=.)
gen rel_dummy_3y_good6=(rel_dummy_3y==1 & refreshed_creditscore_3yrs_avg>=580 & refreshed_creditscore_3yrs_avg!=.)


foreach var of varlist rel_dummy_3y_good rel_dummy_3y_bad rel_dummy_3y_good2 rel_dummy_3y_bad2 rel_dummy_3y_good4 rel_dummy_3y_bad4 rel_dummy_3y_good5 rel_dummy_3y_bad5 rel_dummy_3y_good6 rel_dummy_3y_bad6 rel_dummy_3y_good7 rel_dummy_3y_bad7 {
	gen `var'_cris = `var'*us_econ_cris_us_dummy1
}

***crisis times

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good rel_dummy_3y_bad bank_rel rel_dummy_3y_good_cris rel_dummy_3y_bad_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good rel_dummy_3y_bad bank_rel rel_dummy_3y_good_cris rel_dummy_3y_bad_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good2 rel_dummy_3y_bad2 bank_rel rel_dummy_3y_good2_cris rel_dummy_3y_bad2_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good2 rel_dummy_3y_bad2 bank_rel rel_dummy_3y_good2_cris rel_dummy_3y_bad2_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good5 rel_dummy_3y_bad5 bank_rel rel_dummy_3y_good5_cris rel_dummy_3y_bad5_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good5 rel_dummy_3y_bad5 bank_rel rel_dummy_3y_good5_cris rel_dummy_3y_bad5_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good6 rel_dummy_3y_bad6 bank_rel rel_dummy_3y_good6_cris rel_dummy_3y_bad6_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good6 rel_dummy_3y_bad6 bank_rel rel_dummy_3y_good6_cris rel_dummy_3y_bad6_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*************************************************************************************************************************************
***Table 5: Effects of Low-Risk vs. High-Risk Credit Card Relationships during Normal Times and Changes during the COVID-19 Crisis***
***Panel D: Small Businesses during the COVID-19 Crisis                                                                           ***
*************************************************************************************************************************************

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
count

merge m:m bhc_customer_key periodid using "Replacement_Cards\bus_list_plus.dta"
drop if _merge==2
count

gen rel_dummy_3y_bad=(rel_dummy_3y==1 & dpd_3yrs_max>=60 & dpd_3yrs_max!=.)
gen rel_dummy_3y_good=(rel_dummy_3y==1 & dpd_3yrs_max<60 & dpd_3yrs_max!=.)

gen rel_dummy_3y_bad2=(rel_dummy_3y==1 & dpd_3yrs_max>=90 & dpd_3yrs_max!=.)
gen rel_dummy_3y_good2=(rel_dummy_3y==1 & dpd_3yrs_max<90 & dpd_3yrs_max!=.)

gen rel_dummy_3y_bad5=(rel_dummy_3y==1 & util_rate_3yrs_avg>=0.9 & util_rate_3yrs_avg!=.)
gen rel_dummy_3y_good5=(rel_dummy_3y==1 & util_rate_3yrs_avg<0.9 & util_rate_3yrs_avg!=.)

gen rel_dummy_3y_bad6=(rel_dummy_3y==1 & refreshed_creditscore_3yrs_avg<580 & refreshed_creditscore_3yrs_avg!=.)
gen rel_dummy_3y_good6=(rel_dummy_3y==1 & refreshed_creditscore_3yrs_avg>=580 & refreshed_creditscore_3yrs_avg!=.)


foreach var of varlist rel_dummy_3y_good rel_dummy_3y_bad rel_dummy_3y_good2 rel_dummy_3y_bad2 rel_dummy_3y_good4 rel_dummy_3y_bad4 rel_dummy_3y_good5 rel_dummy_3y_bad5 rel_dummy_3y_good6 rel_dummy_3y_bad6 rel_dummy_3y_good7 rel_dummy_3y_bad7 {
	gen `var'_cris = `var'*us_econ_cris_us_dummy1
}

***crisis times

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good rel_dummy_3y_bad bank_rel rel_dummy_3y_good_cris rel_dummy_3y_bad_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good rel_dummy_3y_bad bank_rel rel_dummy_3y_good_cris rel_dummy_3y_bad_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good2 rel_dummy_3y_bad2 bank_rel rel_dummy_3y_good2_cris rel_dummy_3y_bad2_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good2 rel_dummy_3y_bad2 bank_rel rel_dummy_3y_good2_cris rel_dummy_3y_bad2_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good5 rel_dummy_3y_bad5 bank_rel rel_dummy_3y_good5_cris rel_dummy_3y_bad5_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good5 rel_dummy_3y_bad5 bank_rel rel_dummy_3y_good5_cris rel_dummy_3y_bad5_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit rel_dummy_3y_good6 rel_dummy_3y_bad6 bank_rel rel_dummy_3y_good6_cris rel_dummy_3y_bad6_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit rel_dummy_3y_good6 rel_dummy_3y_bad6 bank_rel rel_dummy_3y_good6_cris rel_dummy_3y_bad6_cris bank_rel_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear



***************************************************************************************************************************
*****Table 6: Effects by Customer Risk at Time of Application during Normal Times and Changes during the COVID-19 Crisis*** 
*****Panel A: Normal Times                                                                                              ***
***************************************************************************************************************************

***********************
*****Consumers: 6A*****
***********************

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

***Spread

***FICO: score_300_580 score_580_660 score_660_720 score_720plus

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_300_580==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_580_660==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_660_720==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_720plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Income: income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_0_25k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_25_50k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_50_100k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_100_150k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_150k_plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)
outreg2 using "Table6A1.xls", adjr2 tstat bdec(3) tdec(3) nolabel append


***Utilization: util_rate: > 90%, 50-90%, <50%

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & util_rate>=0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & util_rate>=0.5 & util_rate<0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & util_rate<0.5, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Limit

***FICO: score_300_580 score_580_660 score_660_720 score_720plus

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_300_580==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_580_660==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_660_720==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_720plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Income: income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_0_25k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_25_50k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_50_100k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_100_150k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_150k_plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Utilization: util_rate: > 90%, 50-90%, <50%

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & util_rate>=0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & util_rate>=0.5 & util_rate<0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & util_rate<0.5, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

******************************
*****Small Businesses: 6A*****
******************************

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

***Spread

***FICO: score_300_580 score_580_660 score_660_720 score_720plus

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_300_580==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_580_660==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_660_720==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_720plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Income: income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_0_25k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_25_50k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_50_100k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_100_150k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_150k_plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Utilization: util_rate: > 90%, 50-90%, <50%

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & util_rate>=0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & util_rate>=0.5 & util_rate<0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & util_rate<0.5, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Limit

***FICO: score_300_580 score_580_660 score_660_720 score_720plus

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_300_580==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_580_660==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_660_720==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & score_720plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Income: income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_0_25k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_25_50k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_50_100k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_100_150k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & income_150k_plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Utilization: util_rate: > 90%, 50-90%, <50%

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & util_rate>=0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & util_rate>=0.5 & util_rate<0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & util_rate<0.5, absorb(rssd9001 county_code time_mm) cluster(county_code)


clear

***************************************************************************************************************************
*****Table 6: Effects by Customer Risk at Time of Application during Normal Times and Changes during the COVID-19 Crisis*** 
*****Panel B: Changes in Effects during the COVID-19 Crisis                                                             ***
***************************************************************************************************************************

***********************
*****Consumers: 6B*****
***********************

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mmm=year(accountoriginationdate)*100+month(accountoriginationdate)

***Spread

***FICO: score_300_580 score_580_660 score_660_720 score_720plus

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & score_300_580==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & score_580_660==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & score_660_720==1, absorb(rssd9001 county_code time_mm) cluster(county_code)
d
reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & score_720plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Income: income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_0_25k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_25_50k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_50_100k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_100_150k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_150k_plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Utilization: util_rate: >90%, 50-90%, <50%

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & util_rate>=0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & util_rate>=0.5 & util_rate<0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & util_rate<0.5, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Limit

***FICO: score_300_580 score_580_660 score_660_720 score_720plus

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & score_300_580==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & score_580_660==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & score_660_720==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & score_720plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Income: income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_0_25k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_25_50k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_50_100k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_100_150k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_150k_plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Utilization: util_rate: >90%, 50-90%, <50%

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & util_rate>=0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & util_rate>=0.5 & util_rate<0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & util_rate<0.5, absorb(rssd9001 county_code time_mm) cluster(county_code)


clear

******************************
*****Small Businesses: 6B*****
******************************

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mmm=year(accountoriginationdate)*100+month(accountoriginationdate)

***Spread

***FICO: score_300_580 score_580_660 score_660_720 score_720plus

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & (score_300_580 | score_580_660==1), absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & score_660_720==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & score_720plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Income: income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_0_25k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_25_50k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_50_100k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_100_150k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_150k_plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Utilization: util_rate: >90%, 50-90%, <50%

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & util_rate>=0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & util_rate>=0.5 & util_rate<0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & util_rate<0.5, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Limit

***FICO: score_300_580 score_580_660 score_660_720 score_720plus

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & (score_300_580==1|score_580_660==1), absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & score_660_720==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & score_720plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Income: income_0_25k income_25_50k income_50_100k income_100_150k income_150k_plus

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_0_25k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_25_50k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_50_100k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_100_150k==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & income_150k_plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Utilization: util_rate: >90%, 50-90%, <50%

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & util_rate>=0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & util_rate>=0.5 & util_rate<0.9, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit  any_rel_3y any_rel_3y_cris creditscore ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & util_rate<0.5, absorb(rssd9001 county_code time_mm) cluster(county_code)


clear

************************************************************************************************************************
*****Table 7: Tests of Atrophy in the Value of Consumer Credit Scores Due to the CARES Act during the COVID-19 Crisis***
*****Consumer Accounts during the COVID-19 Crisis 
*****Columns 1 and 2: New Originations                                                            ***
************************************************************************************************************************

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

drop post_cares
gen post_cares=0
replace post_cares=1 if accountoriginationdate>td(27mar2020)

gen any_rel_3y_cares=any_rel_3y*post_cares

gen score_580_660_cares=score_580_660*post_cares
gen score_660_720_cares=score_660_720*post_cares
gen score_720plus_cares=score_720plus*post_cares
gen score_cares = creditscore*post_cares


reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cares score_580_660 score_660_720 score_720plus score_580_660_cares score_660_720_cares score_720plus_cares income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cares score_580_660 score_660_720 score_720plus score_580_660_cares score_660_720_cares score_720plus_cares income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)


clear

************************************************************************************************************************
*****Table 7: Tests of Atrophy in the Value of Consumer Credit Scores Due to the CARES Act during the COVID-19 Crisis***
*****Consumer Accounts during the COVID-19 Crisis 
*****Column 3: Existing Accounts                                                                                     ***
************************************************************************************************************************

use "CC_CONS_01PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mm=year(accountcycledate)*100+month(accountcycledate)

gen post_cares=0
replace post_cares=1 if accountcycledate>td(27mar2020)
gen exclude_care=0
replace exclude_care=1 if accountcycledate>td(27mar2020) & accountcycledate<=td(31mar2020)

gen dpd30=0
replace dpd30=1 if dayspastdue>=30

sort bhc_customer_key periodid
bysort bhc_customer_key: gen lag1_refreshed_score=refreshed_score[_n-1]
bysort bhc_customer_key: gen lag1_refreshscore_300_580=refreshscore_300_580[_n-1]
bysort bhc_customer_key: gen lag1_refreshscore_580_660=refreshscore_580_660[_n-1]
bysort bhc_customer_key: gen lag1_refreshscore_660_720=refreshscore_660_720[_n-1]
bysort bhc_customer_key: gen lag1_refreshscore_720plus=refreshscore_720plus[_n-1]

gen lag1_score_300_580_cares=lag1_refreshscore_300_580*post_cares
gen lag1_score_580_660_cares=lag1_refreshscore_580_660*post_cares
gen lag1_score_660_720_cares=lag1_refreshscore_660_720*post_cares
gen lag1_score_720plus_cares=lag1_refreshscore_720plus*post_cares
gen lag1_score_cares = lag1_refreshed_score*post_cares

gen any_rel_3y_cares=any_rel_3y* post_cares

reghdfe dpd30 ln_currentcreditlimit any_rel_3y any_rel_3y_cares lag1_refreshscore_580_660 lag1_refreshscore_660_720 lag1_refreshscore_720plus lag1_score_580_660_cares lag1_score_660_720_cares lag1_score_720plus_cares lag1_score_580_660_rel lag1_score_660_720_rel lag1_score_720plus_rel lag1_score_580_660_rel_cares lag1_score_660_720_rel_cares lag1_score_720plus_rel_cares income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & time_mm!=202004 & exclude_care==0, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***************************************************************************
****************Figure 2: Atrophy in the Value of Consumer Credit Scores***
***************************************************************************

*****Panels A & B, New Accounts****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

drop post_cares
gen post_cares=0
replace post_cares=1 if accountoriginationdate>td(27mar2020)

gen any_rel_3y_cares=any_rel_3y*post_cares

gen score_580_660_cares=score_580_660*post_cares
gen score_660_720_cares=score_660_720*post_cares
gen score_720plus_cares=score_720plus*post_cares
gen score_cares = creditscore*post_cares

gen score_580_660v1=score_580_660
gen score_660_720v1=score_660_720
gen score_720plusv2=score_720plus
gen score_580_660_caresv2=score_580_660_cares
gen score_660_720_caresv3=score_660_720_cares
gen score_720plus_caresv3=score_720plus_cares


********Panel A: APR Spread********

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cares score_580_660v1 score_660_720v1 score_720plus score_580_660_cares score_660_720_cares score_720plus_cares income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store c_apr_cares1

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cares score_580_660 score_660_720 score_720plusv2 score_580_660_caresv2 score_660_720_cares score_720plus_cares income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store c_apr_cares2

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cares score_580_660 score_660_720 score_720plus score_580_660_cares score_660_720_caresv3 score_720plus_caresv3 income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store c_apr_cares3

coefplot c_apr_cares1 c_apr_cares2 c_apr_cares3, vertical keep (score_580_660v1 score_660_720v1 score_720plusv2 score_580_660_caresv2 score_660_720_caresv3 score_720plus_caresv3) recast(bar) barwidth(0.3) fcolor(*.5) ciopts(recast(rcap)) citop format(%9.2f) addplot(scatter @b @at, ms(i) mlabel(@b) mlabpos(2) mlabcolor(black))

*************Panel B: Limit***************

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cares score_580_660v1 score_660_720v1 score_720plus score_580_660_cares score_660_720_cares score_720plus_cares income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store c_apr_cares1

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cares score_580_660 score_660_720 score_720plusv2 score_580_660_caresv2 score_660_720_cares score_720plus_cares income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store c_apr_cares2

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cares score_580_660 score_660_720 score_720plus score_580_660_cares score_660_720_caresv3 score_720plus_caresv3 income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store c_apr_cares3

coefplot c_apr_cares1 c_apr_cares2 c_apr_cares3, vertical keep (score_580_660v1 score_660_720v1 score_720plusv2 score_580_660_caresv2 score_660_720_caresv3 score_720plus_caresv3) recast(bar) barwidth(0.3) fcolor(*.5) ciopts(recast(rcap)) citop format(%9.2f) addplot(scatter @b @at, ms(i) mlabel(@b) mlabpos(2) mlabcolor(black))


*****Panel C, Existing Accounts****Consumers, Delinquency***************

use "CC_CONS_01PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mm=year(accountcycledate)*100+month(accountcycledate)

gen post_cares=0
replace post_cares=1 if accountcycledate>td(27mar2020)
gen exclude_care=0
replace exclude_care=1 if accountcycledate>td(27mar2020) & accountcycledate<=td(31mar2020)

gen dpd30=0
replace dpd30=1 if dayspastdue>=30

sort bhc_customer_key periodid
bysort bhc_customer_key: gen lag1_refreshed_score=refreshed_score[_n-1]
bysort bhc_customer_key: gen lag1_refreshscore_300_580=refreshscore_300_580[_n-1]
bysort bhc_customer_key: gen lag1_refreshscore_580_660=refreshscore_580_660[_n-1]
bysort bhc_customer_key: gen lag1_refreshscore_660_720=refreshscore_660_720[_n-1]
bysort bhc_customer_key: gen lag1_refreshscore_720plus=refreshscore_720plus[_n-1]

gen lag1_score_300_580_cares=lag1_refreshscore_300_580*post_cares
gen lag1_score_580_660_cares=lag1_refreshscore_580_660*post_cares
gen lag1_score_660_720_cares=lag1_refreshscore_660_720*post_cares
gen lag1_score_720plus_cares=lag1_refreshscore_720plus*post_cares
gen lag1_score_cares = lag1_refreshed_score*post_cares

gen any_rel_3y_cares=any_rel_3y* post_cares

gen score_580_660v1=score_580_660
gen score_660_720v1=score_660_720
gen score_720plusv2=score_720plus
gen score_580_660_caresv2=score_580_660_cares
gen score_660_720_caresv3=score_660_720_cares
gen score_720plus_caresv3=score_720plus_cares

*dpd30

reghdfe dpd30 ln_currentcreditlimit any_rel_3y any_rel_3y_cares lag1_refreshscore_580_660v1 lag1_refreshscore_660_720v1 lag1_refreshscore_720plus lag1_score_580_660_cares lag1_score_660_720_cares lag1_score_720plus_cares income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & time_mm!=202004 & exclude_care==0, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store c_apr_cares1

reghdfe dpd30 ln_currentcreditlimit any_rel_3y any_rel_3y_cares lag1_refreshscore_580_660 lag1_refreshscore_660_720 lag1_refreshscore_720plusv2 lag1_score_580_660_caresv2 lag1_score_660_720_cares lag1_score_720plus_cares income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & time_mm!=202004 & exclude_care==0, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store c_apr_cares2

reghdfe dpd30 ln_currentcreditlimit any_rel_3y any_rel_3y_cares lag1_refreshscore_580_660 lag1_refreshscore_660_720 lag1_refreshscore_720plus lag1_score_580_660_cares lag1_score_660_720_caresv3 lag1_score_720plus_caresv3 income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & time_mm!=202004 & exclude_care==0, absorb(rssd9001 county_code time_mm) cluster(county_code)

estimates store c_apr_cares3

coefplot c_apr_cares1 c_apr_cares2 c_apr_cares3, vertical keep (lag1_refreshscore_580_660v1 lag1_refreshscore_660_720v1  lag1_refreshscore_720plusv2 lag1_score_580_660_caresv2 lag1_score_660_720_caresv3 lag1_score_720plus_caresv3) recast(bar) barwidth(0.3) fcolor(*.5) ciopts(recast(rcap)) citop format(%9.2f) addplot(scatter @b @at, ms(i) mlabel(@b) mlabpos(2) mlabcolor(black))



***********************************************************
*****Table OA.1: Extra Robustness Tests of Main Results ***
*****Panel A: Control for the Behavioral Score          ***
***********************************************************

***construction of the behavioral variable

gen behavioral_score2=behavioralscore
replace behavioral_score2=. if behavioralscore <=0 | behavioralscore==9999
sort rssd9001
bysort rssd9001: egen min_behavioral =min(behavioral_score2)
bysort rssd9001: egen max_behavioral =max(behavioral_score2)
bysort rssd9001: gen normal_behavioral=(behavioral_score2-min_behavioral)/(max_behavioral-min_behavioral)
replace normal_behavioral=0 if missing( normal_behavioral)
gen miss_behavioral= (missing(normal_behavioral))


****control for: normal_behavioral miss_behavioral

****Normal Times

*normal_behavioral miss_behavioral

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y normal_behavioral miss_behavioral score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y normal_behavioral miss_behavioral score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y normal_behavioral miss_behavioral score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y normal_behavioral miss_behavioral score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

****COVID-19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris normal_behavioral miss_behavioral score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris normal_behavioral miss_behavioral score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris normal_behavioral miss_behavioral score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris normal_behavioral miss_behavioral score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*****************************************************
*****Table OA.1: Extra Robustness of Main Results ***
*****Panel B: Control for High Leverage           ***
*****************************************************

***construction of the leverage variable

gen high_leverage1=(originalcreditscoreprimaryborrow<660 & (income_100_150k==1 | income_150k_plus==1))

****Normal Times

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
gen high_leverage1=(originalcreditscoreprimaryborrow<660 & (income_100_150k==1 | income_150k_plus==1))

reghdfe apr_spread ln_currentcreditlimit any_rel_3y high_leverage1 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y high_leverage1 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
gen high_leverage1=(originalcreditscoreprimaryborrow<660 & (income_100_150k==1 | income_150k_plus==1))

reghdfe apr_spread ln_currentcreditlimit any_rel_3y high_leverage1 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y high_leverage1 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

****COVID-19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
gen high_leverage1=(originalcreditscoreprimaryborrow<660 & (income_100_150k==1 | income_150k_plus==1))

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris high_leverage1 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris high_leverage1 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
gen high_leverage1=(originalcreditscoreprimaryborrow<660 & (income_100_150k==1 | income_150k_plus==1))

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris high_leverage1 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris high_leverage1 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*****************************************************
*****Table OA.1: Extra Robustness of Main Results ***
*****Panel C: Control for Credit Card Complaints  ***
*****************************************************

*ln_lag_num_complaints, constructed based on CFPB public data on consumer complaints related to credit cards

****Normal Times

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y ln_lag_num_complaints score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y ln_lag_num_complaints score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y ln_lag_num_complaints score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y ln_lag_num_complaints score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

****COVID-19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris ln_lag_num_complaints score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris ln_lag_num_complaints score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris ln_lag_num_complaints score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris ln_lag_num_complaints score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*******************************************************************
*****Table OA.1: Extra Robustness of Main Results               ***
*****Panel D: Alternative Specification: County x Year-Month FE ***
*******************************************************************

****Normal Times

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code#time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code#time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code#time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code#time_mm) cluster(county_code)

clear

****COVID-19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code#time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code#time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code#time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code#time_mm) cluster(county_code)

clear


*******************************************************************
*****Table OA.1: Extra Robustness of Main Results               ***
*****Panel E: Alternative Specification: Bank x Year-Month FE   ***
*******************************************************************

****Normal Times

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001#time_mm county_code) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001#time_mm county_code) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001#time_mm county_code) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001#time_mm county_code) cluster(county_code)

clear

****COVID-19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001#time_mm county_code) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001#time_mm county_code) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001#time_mm county_code) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001#time_mm county_code) cluster(county_code)

clear


**************************************************************************
*****Table OA.1: Extra Robustness of Main Results                      ***
*****Panel F: Alternative Specification: Bank x County x Year-Month FE ***
**************************************************************************

****Normal Times

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation if time_mm<=202002, absorb(rssd9001#county_code#time_mm) cluster(county_code#time_mm)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation if time_mm<=202002, absorb(rssd9001#county_code#time_mm) cluster(county_code#time_mm)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation if time_mm<=202002, absorb(rssd9001#county_code#time_mm) cluster(county_code#time_mm)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation if time_mm<=202002, absorb(rssd9001#county_code#time_mm) cluster(county_code#time_mm)

clear


****COVID-19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation if time_mm>=201911, absorb(rssd9001#county_code#time_mm) cluster(county_code#time_mm)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation if time_mm>=201911, absorb(rssd9001#county_code#time_mm) cluster(county_code#time_mm)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation if time_mm>=201911, absorb(rssd9001#county_code#time_mm) cluster(county_code#time_mm)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation if time_mm>=201911, absorb(rssd9001#county_code#time_mm) cluster(county_code#time_mm)

clear


*****************************************************
*****Table OA.1: Extra Robustness of Main Results ***
*****Panel G: Alternative Specification: ZIP FE   ***
*****************************************************

****Normal Times

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 c_zip5 time_mm) cluster(c_zip5)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 c_zip5 time_mm) cluster(c_zip5)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 c_zip5 time_mm) cluster(c_zip5)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 c_zip5 time_mm) cluster(c_zip5)

clear

****COVID-19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 c_zip5 time_mm) cluster(c_zip5)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 c_zip5 time_mm) cluster(c_zip5)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 c_zip5 time_mm) cluster(c_zip5)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 c_zip5 time_mm) cluster(c_zip5)

clear


*********************************************************************************
*****Table OA.1: Extra Robustness of Main Results                             ***
*****Panel H: Alternative Specification: Credit Score Dummies x Year-Month FE ***
*********************************************************************************

****Normal Times

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(score_300_580#time_mm score_580_660#time_mm score_660_720#time_mm score_720plus#time_mm rssd9001 county_code) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(score_300_580#time_mm score_580_660#time_mm score_660_720#time_mm score_720plus#time_mm rssd9001 county_code) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(score_300_580#time_mm score_580_660#time_mm score_660_720#time_mm score_720plus#time_mm rssd9001 county_code) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(score_300_580#time_mm score_580_660#time_mm score_660_720#time_mm score_720plus#time_mm rssd9001 county_code) cluster(county_code)

clear


****COVID-19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(score_300_580#time_mm score_580_660#time_mm score_660_720#time_mm score_720plus#time_mm rssd9001 county_code) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(score_300_580#time_mm score_580_660#time_mm score_660_720#time_mm score_720plus#time_mm rssd9001 county_code) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(score_300_580#time_mm score_580_660#time_mm score_660_720#time_mm score_720plus#time_mm rssd9001 county_code) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(score_300_580#time_mm score_580_660#time_mm score_660_720#time_mm score_720plus#time_mm rssd9001 county_code) cluster(county_code)

clear

*****************************************************
*****Table OA.1: Extra Robustness of Main Results ***
*****Panel I: Bank Capital Shocks                 ***
*****************************************************


****Columns 1-4: GSIB Surcharge Shock***

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

replace gsib_surcharge3 =0 if missing(gsib_surcharge3)
gen any_rel_3y_gsib_surcharge3=any_rel_3y*gsib_surcharge3

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_gsib_surcharge3 gsib_surcharge3 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_gsib_surcharge3 gsib_surcharge3 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

replace gsib_surcharge3 =0 if missing(gsib_surcharge3)
gen any_rel_3y_gsib_surcharge3=any_rel_3y*gsib_surcharge3

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_gsib_surcharge3 gsib_surcharge3 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_gsib_surcharge3 gsib_surcharge3 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***Columns 5-8: Failed Stress Tests****

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
replace failed1 =0 if missing(failed1)
gen any_rel_3y_failed=any_rel_3y*failed1

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_failed failed1 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_failed failed1 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
replace failed1 =0 if missing(failed1)
gen any_rel_3y_failed=any_rel_3y*failed1

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_failed failed1 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_failed failed1 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear



*****************************************************
*****Table OA.1: Extra Robustness of Main Results ***
*****Panel J: Alternative Relationship Proxies    ***
*****************************************************

****Panel J1: Normal Times

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_4y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_5y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_pre score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_2y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_1y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)


reghdfe ln_currentcreditlimit any_rel_4y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_5y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_pre score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_2y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_1y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_4y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_5y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_pre score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_2y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_1y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_4y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_5y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_pre score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_2y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_1y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

****Panel J2: COVID-19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_4y any_rel_4y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_5y any_rel_5y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_pre any_rel_pre_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_2y any_rel_2y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_1y any_rel_1y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_4y any_rel_4y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_5y any_rel_5y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_pre any_rel_pre_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_2y any_rel_2y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_1y any_rel_1y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_4y any_rel_4y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_5y any_rel_5y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_pre any_rel_pre_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_2y any_rel_2y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_1y any_rel_1y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_4y any_rel_4y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_5y any_rel_5y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_pre any_rel_pre_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_2y any_rel_2y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_1y any_rel_1y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*********************************************************************************************************************
*****Table OA.1: Extra Robustness of Main Results                                                                 ***
*****Panel K: Decomposition by Conventional Bank vs. Credit Card Relationships (Relationship Length <= & >3 years ***
*********************************************************************************************************************

***Note: Relationship length information is only available for credit cards

****Normal Times

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

gen rel_len_3yr=0
replace rel_len_3yr=1 if rel_length_yr>0 & rel_length_yr<=3
gen rel_len_above3yr=0
replace rel_len_above3yr=1 if rel_length_yr>3

reghdfe apr_spread ln_currentcreditlimit bank_rel rel_len_3yr rel_len_above3yr score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit bank_rel rel_len_3yr rel_len_above3yr score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

gen rel_len_3yr=0
replace rel_len_3yr=1 if rel_length_yr>0 & rel_length_yr<=3
gen rel_len_above3yr=0
replace rel_len_above3yr=1 if rel_length_yr>3

reghdfe apr_spread ln_currentcreditlimit bank_rel rel_len_3yr rel_len_above3yr score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit bank_rel rel_len_3yr rel_len_above3yr score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


****COVID-19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

gen rel_len_3yr=0
replace rel_len_3yr=1 if rel_length_yr>0 & rel_length_yr<=3
gen rel_len_above3yr=0
replace rel_len_above3yr=1 if rel_length_yr>3
gen rel_len_3yr_cris=rel_len_3yr*us_econ_cris_us_dummy1
gen rel_len_above3yr_cris=rel_len_above3yr*us_econ_cris_us_dummy1

reghdfe apr_spread ln_currentcreditlimit bank_rel rel_len_3yr rel_len_above3yr bank_rel_cris rel_len_3yr_cris rel_len_above3yr_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit bank_rel rel_len_3yr rel_len_above3yr bank_rel_cris rel_len_3yr_cris rel_len_above3yr_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

gen rel_len_3yr=0
replace rel_len_3yr=1 if rel_length_yr>0 & rel_length_yr<=3
gen rel_len_above3yr=0
replace rel_len_above3yr=1 if rel_length_yr>3
gen rel_len_3yr_cris=rel_len_3yr*us_econ_cris_us_dummy1
gen rel_len_above3yr_cris=rel_len_above3yr*us_econ_cris_us_dummy1

reghdfe apr_spread ln_currentcreditlimit bank_rel rel_len_3yr rel_len_above3yr bank_rel_cris rel_len_3yr_cris rel_len_above3yr_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit bank_rel rel_len_3yr rel_len_above3yr bank_rel_cris rel_len_3yr_cris rel_len_above3yr_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*****************************************************
*****Table OA.1: Extra Robustness of Main Results ***
*****Panel L: Cluster by County and Consumer      ***
*****************************************************

****Normal Times

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code bhc_customer_key)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code bhc_customer_key)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code bhc_customer_key)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code bhc_customer_key)

clear

****COVID-19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code bhc_customer_key)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code bhc_customer_key)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code bhc_customer_key)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code bhc_customer_key)

clear


*************************************************************
*****Table OA.1: Extra Robustness of Main Results         ***
*****Panel M: Exclude banks with different business model ***
*************************************************************

***To preserve confidentiality, the names/ids of the banks with different business model cannot be disclosed

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if diff_bus_model==0

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if diff_bus_model==0

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

****COVID-19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if diff_bus_model==0

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if diff_bus_model==0

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*******************************************************************************************************
*****Table OA.1: Extra Robustness of Main Results                                                   ***
*****Panel N: Include only Banks that Exist in Both Consumer and Small Business Credit Card Samples ***
*******************************************************************************************************

****Normal Times

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if exclude_noncommon_bank==0 

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if exclude_noncommon_bank==0 

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

****COVID-19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if exclude_noncommon_bank==0 

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if exclude_noncommon_bank==0 

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


******************************************************************************************
*****Table OA.1: Extra Robustness of Main Results                                      ***
*****Panel O: Exclude Customers Potentially Affected by Fraud in Any of Their Accounts ***
******************************************************************************************

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if loan_n_fraud !=1

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if loan_n_fraud !=1

reghdfe apr_spread ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

****COVID-19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if loan_n_fraud !=1

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

keep if loan_n_fraud !=1

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear



*****************************************************
*****Table OA.1: Extra Robustness of Main Results ***
*****Panel P: Other Credit Card Terms             ***
*****************************************************

***Panel P1: Normal Times

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe ln_currentcashadvancelimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe rewards any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe promo_apr any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe annualfee any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe ln_currentcashadvancelimit any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe rewards any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe promo_apr any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe annualfee any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Panel P2: COVID-19 Crisis

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe ln_currentcashadvancelimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe rewards ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe promo_apr ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe annualfee ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe ln_currentcashadvancelimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe rewards ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe promo_apr ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe annualfee ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***************************************************************
*****Table OA.1: Extra Robustness of Main Results           ***
*****Panel Q: Decomposition of Bank Relationships over Time ***
***************************************************************

****Relationships split into Bank Relationships, Card Relationships, and Conventional Bank Relationships

****Panel Q1: Normal Times

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

gen year=year(accountoriginationdate)
gen y2013=(year==2013)
gen y2014=(year==2014)
gen y2015=(year==2015)
gen y2016=(year==2016)
gen y2017=(year==2017)
gen y2018=(year==2018)
gen y2019=(year==2019)
gen y2020=(year==2020)
*y2013-y2020, omitted in regressions due to time FE!

gen cc_rel=rel_dummy_3y
foreach var of varlist any_rel_3y bank_rel cc_rel {
foreach var2 of varlist y2013-y2020{
gen `var'_`var2' = `var2'*`var'
}
}

reghdfe apr_spread ln_currentcreditlimit any_rel_3y_y2013-any_rel_3y_y2020 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_y2013-any_rel_3y_y2020 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit bank_rel_y2013-bank_rel_y2020 cc_rel_y2013-cc_rel_y2020 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit bank_rel_y2013-bank_rel_y2020 cc_rel_y2013-cc_rel_y2020 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1

gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

gen year=year(accountoriginationdate)
gen y2013=(year==2013)
gen y2014=(year==2014)
gen y2015=(year==2015)
gen y2016=(year==2016)
gen y2017=(year==2017)
gen y2018=(year==2018)
gen y2019=(year==2019)
gen y2020=(year==2020)
*y2013-y2020, omitted in regressions due to time FE!

gen cc_rel=rel_dummy_3y
foreach var of varlist any_rel_3y bank_rel cc_rel {
foreach var2 of varlist y2013-y2020{
gen `var'_`var2' = `var2'*`var'
}
}

reghdfe apr_spread ln_currentcreditlimit any_rel_3y_y2013-any_rel_3y_y2020 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_y2013-any_rel_3y_y2020 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit bank_rel_y2013-bank_rel_y2020 cc_rel_y2013-cc_rel_y2020 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit bank_rel_y2013-bank_rel_y2020 cc_rel_y2013-cc_rel_y2020 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


****Panel Q2: COVID19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

gen cris1=0
replace cris1=1 if accountoriginationdate>=td(01mar2020) & accountoriginationdate<=td(31mar2020)
gen cris2=0
replace cris2=1 if accountoriginationdate>=td(01apr2020) & accountoriginationdate<=td(30apr2020)
gen cris3=0
replace cris3=1 if accountoriginationdate>=td(01may2020) & accountoriginationdate<=td(31may2020)
gen cris4=0
replace cris4=1 if accountoriginationdate>=td(01jun2020) & accountoriginationdate<=td(30jun2020)
*cris1-cris4, omitted in regressions due to time FE!

gen cc_rel=rel_dummy_3y
foreach var of varlist any_rel_3y bank_rel cc_rel deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel {
foreach var2 of varlist cris1-cris4{
gen `var'_`var2' = `var2'*`var'
}
}

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris1-any_rel_3y_cris4 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris1-any_rel_3y_cris4 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit bank_rel cc_rel bank_rel_cris1-bank_rel_cris4 cc_rel_cris1-cc_rel_cris4 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit bank_rel cc_rel bank_rel_cris1-bank_rel_cris4 cc_rel_cris1-cc_rel_cris4 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

gen cris1=0
replace cris1=1 if accountoriginationdate>=td(01mar2020) & accountoriginationdate<=td(31mar2020)
gen cris2=0
replace cris2=1 if accountoriginationdate>=td(01apr2020) & accountoriginationdate<=td(30apr2020)
gen cris3=0
replace cris3=1 if accountoriginationdate>=td(01may2020) & accountoriginationdate<=td(31may2020)
gen cris4=0
replace cris4=1 if accountoriginationdate>=td(01jun2020) & accountoriginationdate<=td(30jun2020)
*cris1-cris4, omitted in regressions due to time FE!

gen cc_rel=rel_dummy_3y
foreach var of varlist any_rel_3y bank_rel cc_rel deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel {
foreach var2 of varlist cris1-cris4{
gen `var'_`var2' = `var2'*`var'
}
}

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris1-any_rel_3y_cris4 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris1-any_rel_3y_cris4 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit bank_rel cc_rel bank_rel_cris1-bank_rel_cris4 cc_rel_cris1-cc_rel_cris4 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit bank_rel cc_rel bank_rel_cris1-bank_rel_cris4 cc_rel_cris1-cc_rel_cris4 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear



***********************************************************************************************************
*****Table OA.1: Extra Robustness of Main Results                                                       ***
*****Panel R: Decomposition of Bank Relationships by Granular Conventional Bank Relationships Over Time ***
***********************************************************************************************************

****Panel R1: Normal Times

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

gen year=year(accountoriginationdate)
gen y2013=(year==2013)
gen y2014=(year==2014)
gen y2015=(year==2015)
gen y2016=(year==2016)
gen y2017=(year==2017)
gen y2018=(year==2018)
gen y2019=(year==2019)
gen y2020=(year==2020)
*y2013-y2020, omitted in regressions due to time FE!

foreach var of varlist deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel {
foreach var2 of varlist y2013-y2020{
gen `var'_`var2' = `var2'*`var'
}
}

reghdfe apr_spread ln_currentcreditlimit deposit_rel_y2013-deposit_rel_y2020 inv_rel_y2013-inv_rel_y2020 mortg_rel_y2013-mortg_rel_y2020 auto_rel_y2013-auto_rel_y2020 student_rel_y2013-student_rel_y2020 otherloan_rel_y2013-otherloan_rel_y2020 multi_rel_y2013-multi_rel_y2020 cc_rel_y2013-cc_rel_y2020 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit deposit_rel_y2013-deposit_rel_y2020 inv_rel_y2013-inv_rel_y2020 mortg_rel_y2013-mortg_rel_y2020 auto_rel_y2013-auto_rel_y2020 student_rel_y2013-student_rel_y2020 otherloan_rel_y2013-otherloan_rel_y2020 multi_rel_y2013-multi_rel_y2020 cc_rel_y2013-cc_rel_y2020 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1

gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

gen year=year(accountoriginationdate)
gen y2013=(year==2013)
gen y2014=(year==2014)
gen y2015=(year==2015)
gen y2016=(year==2016)
gen y2017=(year==2017)
gen y2018=(year==2018)
gen y2019=(year==2019)
gen y2020=(year==2020)
*y2013-y2020, omitted in regressions due to time FE!

foreach var of varlist deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel {
foreach var2 of varlist y2013-y2020{
gen `var'_`var2' = `var2'*`var'
}
}

reghdfe apr_spread ln_currentcreditlimit deposit_rel_y2013-deposit_rel_y2020 inv_rel_y2013-inv_rel_y2020 mortg_rel_y2013-mortg_rel_y2020 auto_rel_y2013-auto_rel_y2020 student_rel_y2013-student_rel_y2020 otherloan_rel_y2013-otherloan_rel_y2020 multi_rel_y2013-multi_rel_y2020 cc_rel_y2013-cc_rel_y2020 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit deposit_rel_y2013-deposit_rel_y2020 inv_rel_y2013-inv_rel_y2020 mortg_rel_y2013-mortg_rel_y2020 auto_rel_y2013-auto_rel_y2020 student_rel_y2013-student_rel_y2020 otherloan_rel_y2013-otherloan_rel_y2020 multi_rel_y2013-multi_rel_y2020 cc_rel_y2013-cc_rel_y2020 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear



****Panel R2: COVID19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

gen cris1=0
replace cris1=1 if accountoriginationdate>=td(01mar2020) & accountoriginationdate<=td(31mar2020)
gen cris2=0
replace cris2=1 if accountoriginationdate>=td(01apr2020) & accountoriginationdate<=td(30apr2020)
gen cris3=0
replace cris3=1 if accountoriginationdate>=td(01may2020) & accountoriginationdate<=td(31may2020)
gen cris4=0
replace cris4=1 if accountoriginationdate>=td(01jun2020) & accountoriginationdate<=td(30jun2020)
*cris1-cris4, omitted in regressions due to time FE!

gen cc_rel=rel_dummy_3y
foreach var of varlist deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel {
foreach var2 of varlist cris1-cris4{
gen `var'_`var2' = `var2'*`var'
}
}

reghdfe apr_spread ln_currentcreditlimit deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel cc_rel deposit_rel_cris1-deposit_rel_cris4 inv_rel_cris1-inv_rel_cris4 mortg_rel_cris1-mortg_rel_cris4 auto_rel_cris1-auto_rel_cris4 student_rel_cris1-student_rel_cris4 otherloan_rel_cris1-otherloan_rel_cris4 multi_rel_cris1-multi_rel_cris4 cc_rel_cris1-cc_rel_cris4 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel cc_rel deposit_rel_cris1-deposit_rel_cris4 inv_rel_cris1-inv_rel_cris4 mortg_rel_cris1-mortg_rel_cris4 auto_rel_cris1-auto_rel_cris4 student_rel_cris1-student_rel_cris4 otherloan_rel_cris1-otherloan_rel_cris4 multi_rel_cris1-multi_rel_cris4 cc_rel_cris1-cc_rel_cris4 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

gen cris1=0
replace cris1=1 if accountoriginationdate>=td(01mar2020) & accountoriginationdate<=td(31mar2020)
gen cris2=0
replace cris2=1 if accountoriginationdate>=td(01apr2020) & accountoriginationdate<=td(30apr2020)
gen cris3=0
replace cris3=1 if accountoriginationdate>=td(01may2020) & accountoriginationdate<=td(31may2020)
gen cris4=0
replace cris4=1 if accountoriginationdate>=td(01jun2020) & accountoriginationdate<=td(30jun2020)
*cris1-cris4, omitted in regressions due to time FE!

gen cc_rel=rel_dummy_3y
foreach var of varlist deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel {
foreach var2 of varlist cris1-cris4{
gen `var'_`var2' = `var2'*`var'
}
}
reghdfe apr_spread ln_currentcreditlimit deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel cc_rel deposit_rel_cris1-deposit_rel_cris4 inv_rel_cris1-inv_rel_cris4 mortg_rel_cris1-mortg_rel_cris4 auto_rel_cris1-auto_rel_cris4 student_rel_cris1-student_rel_cris4 otherloan_rel_cris1-otherloan_rel_cris4 multi_rel_cris1-multi_rel_cris4 cc_rel_cris1-cc_rel_cris4 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel cc_rel deposit_rel_cris1-deposit_rel_cris4 inv_rel_cris1-inv_rel_cris4 mortg_rel_cris1-mortg_rel_cris4 auto_rel_cris1-auto_rel_cris4 student_rel_cris1-student_rel_cris4 otherloan_rel_cris1-otherloan_rel_cris4 multi_rel_cris1-multi_rel_cris4 cc_rel_cris1-cc_rel_cris4 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***Panel R3: using interactions with each month in the COVID-19 crisis both pre and during

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

****Dynamics for all periods in the crisis!
gen m1=0
replace m1=1 if accountoriginationdate>=td(01nov2019) & accountoriginationdate<=td(30nov2019)
gen m2=0
replace m2=1 if accountoriginationdate>=td(01dec2019) & accountoriginationdate<=td(31dec2019)
gen m3=0
replace m3=1 if accountoriginationdate>=td(01jan2020) & accountoriginationdate<=td(30jan2020)
gen m4=0
replace m4=1 if accountoriginationdate>=td(01feb2020) & accountoriginationdate<=td(28feb2020)
gen m5=0
replace m5=1 if accountoriginationdate>=td(01mar2020) & accountoriginationdate<=td(31mar2020)
gen m6=0
replace m6=1 if accountoriginationdate>=td(01apr2020) & accountoriginationdate<=td(30apr2020)
gen m7=0
replace m7=1 if accountoriginationdate>=td(01may2020) & accountoriginationdate<=td(31may2020)
gen m8=0
replace m8=1 if accountoriginationdate>=td(01jun2020) & accountoriginationdate<=td(30jun2020)
*m1-m8, omitted in regressions due to time FE!

gen cc_rel=rel_dummy_3y
foreach var of varlist any_rel_3y bank_rel cc_rel deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel {
foreach var2 of varlist m1-m8{
gen `var'_`var2' = `var2'*`var'
}
}

reghdfe apr_spread ln_currentcreditlimit deposit_rel_m1-deposit_rel_m8 inv_rel_m1-inv_rel_m8 mortg_rel_m1-mortg_rel_m8 auto_rel_m1-auto_rel_m8 student_rel_m1-student_rel_m8 otherloan_rel_m1-otherloan_rel_m8 multi_rel_m1-multi_rel_m8 cc_rel_m1-cc_rel_m8 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit deposit_rel_m1-deposit_rel_m8 inv_rel_m1-inv_rel_m8 mortg_rel_m1-mortg_rel_m8 auto_rel_m1-auto_rel_m8 student_rel_m1-student_rel_m8 otherloan_rel_m1-otherloan_rel_m8 multi_rel_m1-multi_rel_m8 cc_rel_m1-cc_rel_m8 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

****Dynamics for all periods in the crisis!
gen m1=0
replace m1=1 if accountoriginationdate>=td(01nov2019) & accountoriginationdate<=td(30nov2019)
gen m2=0
replace m2=1 if accountoriginationdate>=td(01dec2019) & accountoriginationdate<=td(31dec2019)
gen m3=0
replace m3=1 if accountoriginationdate>=td(01jan2020) & accountoriginationdate<=td(30jan2020)
gen m4=0
replace m4=1 if accountoriginationdate>=td(01feb2020) & accountoriginationdate<=td(28feb2020)
gen m5=0
replace m5=1 if accountoriginationdate>=td(01mar2020) & accountoriginationdate<=td(31mar2020)
gen m6=0
replace m6=1 if accountoriginationdate>=td(01apr2020) & accountoriginationdate<=td(30apr2020)
gen m7=0
replace m7=1 if accountoriginationdate>=td(01may2020) & accountoriginationdate<=td(31may2020)
gen m8=0
replace m8=1 if accountoriginationdate>=td(01jun2020) & accountoriginationdate<=td(30jun2020)
*m1-m8, omitted in regressions due to time FE!

gen cc_rel=rel_dummy_3y
foreach var of varlist any_rel_3y bank_rel cc_rel deposit_rel inv_rel mortg_rel auto_rel student_rel otherloan_rel multi_rel {
foreach var2 of varlist m1-m8{
gen `var'_`var2' = `var2'*`var'
}
}

reghdfe apr_spread ln_currentcreditlimit deposit_rel_m1-deposit_rel_m8 inv_rel_m1-inv_rel_m8 mortg_rel_m1-mortg_rel_m8 auto_rel_m1-auto_rel_m8 student_rel_m1-student_rel_m8 otherloan_rel_m1-otherloan_rel_m8 multi_rel_m1-multi_rel_m8 cc_rel_m1-cc_rel_m8 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit deposit_rel_m1-deposit_rel_m8 inv_rel_m1-inv_rel_m8 mortg_rel_m1-mortg_rel_m8 auto_rel_m1-auto_rel_m8 student_rel_m1-student_rel_m8 otherloan_rel_m1-otherloan_rel_m8 multi_rel_m1-multi_rel_m8 cc_rel_m1-cc_rel_m8 score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*****************************************************************************************************************
*****Table OA.2: Additional Analyses – Changes in Effects on Credit Card Customers during the COVID-19 Crisis ***
*****Panel A: Different Pre+During COVID-19 Samples                                                           ***
*****************************************************************************************************************

****Columns 1-4: Start in 2020:M1 (substract 2 months from the pre-period)

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=202001, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=202001, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=202001, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=202001, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


****Columns 5-8: Start in 2019:M9 (add 2 months from the pre-period)

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201909, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201909, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201909, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201909, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


****Columns 9-12: Start same time in 2019 (pre-sample 2019:M3-2019:M6), time_mm>=201903 & time_mm<=201906 | time_mm>=202003 & time_mm<=202006

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201903 & time_mm<=201906 | time_mm>=202003 & time_mm<=202006, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201903 & time_mm<=201906 | time_mm>=202003 & time_mm<=202006, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201903 & time_mm<=201906 | time_mm>=202003 & time_mm<=202006, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201903 & time_mm<=201906 | time_mm>=202003 & time_mm<=202006, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*****************************************************************************************************************
*****Table OA.2: Additional Analyses – Changes in Effects on Credit Card Customers during the COVID-19 Crisis ***
*****Panel B: Different Measures of Crisis: Crisis Intensity                                                  ***
*****************************************************************************************************************

****COVID-19 Crisis

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

***APR Spread

**US government restrictions index
reghdfe apr_spread ln_currentcreditlimit any_rel_3y arel_3y_us_WM_restrict_i us_WM_restrict_index score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**state government restrictions index
reghdfe apr_spread ln_currentcreditlimit any_rel_3y arel_3y_st_restrict_i st_restrict_index score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**GPS state immobility
reghdfe apr_spread ln_currentcreditlimit any_rel_3y arel_3y_st_gps_stay_at_home st_gps_stay_at_home score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**county new cases/100k population
reghdfe apr_spread ln_currentcreditlimit any_rel_3y arel_3y_cnty_newcase_rate cnty_newcase_rate_per_100kpop score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**county new deaths/100k population
reghdfe apr_spread ln_currentcreditlimit any_rel_3y arel_3y_cnty_newdeaths_rate cnty_newdeaths_rate_per_100kpop score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Limit

**US government restrictions index
reghdfe ln_currentcreditlimit any_rel_3y arel_3y_us_WM_restrict_i us_WM_restrict_index score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**state government restrictions index
reghdfe ln_currentcreditlimit any_rel_3y arel_3y_st_restrict_i st_restrict_index score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**GPS state immobility
reghdfe ln_currentcreditlimit any_rel_3y arel_3y_st_gps_stay_at_home st_gps_stay_at_home score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**county new cases/100k population
reghdfe ln_currentcreditlimit any_rel_3y arel_3y_cnty_newcase_rate cnty_newcase_rate_per_100kpop score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**county new deaths/100k population
reghdfe ln_currentcreditlimit any_rel_3y arel_3y_cnty_newdeaths_rate cnty_newdeaths_rate_per_100kpop score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1

gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

***APR Spread

**US government restrictions index
reghdfe apr_spread ln_currentcreditlimit any_rel_3y arel_3y_us_WM_restrict_i us_WM_restrict_index score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**state government restrictions index
reghdfe apr_spread ln_currentcreditlimit any_rel_3y arel_3y_st_restrict_i st_restrict_index score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**GPS state immobility
reghdfe apr_spread ln_currentcreditlimit any_rel_3y arel_3y_st_gps_stay_at_home st_gps_stay_at_home score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**county new cases/100k population
reghdfe apr_spread ln_currentcreditlimit any_rel_3y arel_3y_cnty_newcase_rate cnty_newcase_rate_per_100kpop score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**county new deaths/100k population
reghdfe apr_spread ln_currentcreditlimit any_rel_3y arel_3y_cnty_newdeaths_rate cnty_newdeaths_rate_per_100kpop score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Limit

**US government restrictions index
reghdfe ln_currentcreditlimit any_rel_3y arel_3y_us_WM_restrict_i us_WM_restrict_index score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**state government restrictions index
reghdfe ln_currentcreditlimit any_rel_3y arel_3y_st_restrict_i st_restrict_index score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**GPS state immobility
reghdfe ln_currentcreditlimit any_rel_3y arel_3y_st_gps_stay_at_home st_gps_stay_at_home score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**county new cases/100k population
reghdfe ln_currentcreditlimit any_rel_3y arel_3y_cnty_newcase_rate cnty_newcase_rate_per_100kpop score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

**county new deaths/100k population
reghdfe ln_currentcreditlimit any_rel_3y arel_3y_cnty_newdeaths_rate cnty_newdeaths_rate_per_100kpop score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*****************************************************************************************************************
*****Table OA.2: Additional Analyses – Changes in Effects on Credit Card Customers during the COVID-19 Crisis ***
*****Panel C: PPP Lending                                                                                     ***
*****************************************************************************************************************

****Panel C1: Control for PPP Loans / Total Assets

****Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y ppploans_ta any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris ppploans_ta score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris ppploans_ta score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris ppploans_ta score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*******Panel C2: Interactions with High PPP Lending (PPP Loans / Total Assets >= P75

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta" 
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

***p75=.0100819!
gen high_ppp=0
replace high_ppp=1 if ppploans_ta>=.0100819
gen us_econ_cris_us_dummy1_ppp=us_econ_cris_us_dummy1*high_ppp 
gen any_rel_3y_ppp=any_rel_3y*high_ppp
gen any_rel_3y_cris_ppp=any_rel_3y_cris*high_ppp

***crisis times: p75

reghdfe apr_spread ln_currentcreditlimit any_rel_3y_cris_ppp high_ppp us_econ_cris_us_dummy1_ppp any_rel_3y_ppp any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris any_rel_3y_cris_ppp high_ppp us_econ_cris_us_dummy1_ppp any_rel_3y_ppp any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)

****p75=.0103718!
gen high_ppp=0
replace high_ppp=1 if ppploans_ta>=.0103718
gen us_econ_cris_us_dummy1_ppp=us_econ_cris_us_dummy1*high_ppp 
gen any_rel_3y_ppp=any_rel_3y*high_ppp
gen any_rel_3y_cris_ppp=any_rel_3y_cris*high_ppp

***crisis times: p75

reghdfe apr_spread ln_currentcreditlimit any_rel_3y_cris_ppp high_ppp us_econ_cris_us_dummy1_ppp any_rel_3y_ppp any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris any_rel_3y_cris_ppp high_ppp us_econ_cris_us_dummy1_ppp any_rel_3y_ppp any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***************************************************************************
****Table OA.3: Heterogenous Effects by Bank and County Characteristics ***
****Panel A: Effects - Smaller (< Median) Banks                         ***
***************************************************************************

***Normal Times

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_bank_size =pctile(bank_size), p(50)
gen lowsize_bank=(bank_size<md_bank_size) if !missing(bank_size)
gen any_rel_3y_lowsize=any_rel_3y*lowsize_bank

reghdfe apr_spread ln_currentcreditlimit lowsize_bank any_rel_3y_lowsize any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit lowsize_bank any_rel_3y_lowsize any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_bank_size =pctile(bank_size), p(50)
gen lowsize_bank=(bank_size<md_bank_size) if !missing(bank_size)
gen any_rel_3y_lowsize=any_rel_3y*lowsize_bank

reghdfe apr_spread ln_currentcreditlimit lowsize_bank any_rel_3y_lowsize any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit lowsize_bank any_rel_3y_lowsize any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***COVID-19 Crisis

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_bank_size =pctile(bank_size), p(50)
gen lowsize_bank=(bank_size<md_bank_size) if !missing(bank_size)

gen us_econ_cris_us_dummy1_lowsize=us_econ_cris_us_dummy1*lowsize_bank 
gen any_rel_3y_lowsize=any_rel_3y*lowsize_bank
gen any_rel_3y_cris_lowsize=any_rel_3y_cris*lowsize_bank

reghdfe apr_spread any_rel_3y_cris_lowsize lowsize_bank us_econ_cris_us_dummy1_lowsize any_rel_3y_lowsize ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_lowsize lowsize_bank us_econ_cris_us_dummy1_lowsize any_rel_3y_lowsize   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_bank_size =pctile(bank_size), p(50)
gen lowsize_bank=(bank_size<md_bank_size) if !missing(bank_size)

gen us_econ_cris_us_dummy1_lowsize=us_econ_cris_us_dummy1*lowsize_bank 
gen any_rel_3y_lowsize=any_rel_3y*lowsize_bank
gen any_rel_3y_cris_lowsize=any_rel_3y_cris*lowsize_bank

reghdfe apr_spread any_rel_3y_cris_lowsize lowsize_bank us_econ_cris_us_dummy1_lowsize any_rel_3y_lowsize ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_lowsize lowsize_bank us_econ_cris_us_dummy1_lowsize any_rel_3y_lowsize   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***************************************************************************
****Table OA.3: Heterogenous Effects by Bank and County Characteristics ***
****Panel B: Effects - Low Capital (< Median) Banks                     ***
***************************************************************************

***Normal Times

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_eq_capital_ratio =pctile(eq_capital_ratio), p(50)
gen loweq_bank=(eq_capital_ratio<md_eq_capital_ratio) if !missing(eq_capital_ratio)
gen any_rel_3y_loweq=any_rel_3y*loweq_bank

reghdfe apr_spread ln_currentcreditlimit loweq_bank any_rel_3y_loweq any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit loweq_bank any_rel_3y_loweq any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_eq_capital_ratio =pctile(eq_capital_ratio), p(50)
gen loweq_bank=(eq_capital_ratio<md_eq_capital_ratio) if !missing(eq_capital_ratio)
gen any_rel_3y_loweq=any_rel_3y*loweq_bank

reghdfe apr_spread ln_currentcreditlimit loweq_bank any_rel_3y_loweq any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit loweq_bank any_rel_3y_loweq any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***COVID-19 Crisis

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_eq_capital_ratio =pctile(eq_capital_ratio), p(50)
gen loweq_bank=(eq_capital_ratio<md_eq_capital_ratio) if !missing(eq_capital_ratio)

gen us_econ_cris_us_dummy1_loweq=us_econ_cris_us_dummy1*loweq_bank 
gen any_rel_3y_loweq=any_rel_3y*loweq_bank
gen any_rel_3y_cris_loweq=any_rel_3y_cris*loweq_bank

reghdfe apr_spread any_rel_3y_cris_loweq loweq_bank us_econ_cris_us_dummy1_loweq any_rel_3y_loweq ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_loweq loweq_bank us_econ_cris_us_dummy1_loweq any_rel_3y_loweq any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_eq_capital_ratio =pctile(eq_capital_ratio), p(50)
gen loweq_bank=(eq_capital_ratio<md_eq_capital_ratio) if !missing(eq_capital_ratio)

gen us_econ_cris_us_dummy1_loweq=us_econ_cris_us_dummy1*loweq_bank 
gen any_rel_3y_loweq=any_rel_3y*loweq_bank
gen any_rel_3y_cris_loweq=any_rel_3y_cris*loweq_bank

reghdfe apr_spread any_rel_3y_cris_loweq loweq_bank us_econ_cris_us_dummy1_loweq any_rel_3y_loweq ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_loweq loweq_bank us_econ_cris_us_dummy1_loweq any_rel_3y_loweq any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***************************************************************************
****Table OA.3: Heterogenous Effects by Bank and County Characteristics ***
****Panel C: Effects - Low Liquidity (< Median) Banks                   ***
***************************************************************************

***Normal Times

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_liquid_assets =pctile(liquid_assets), p(50)
gen lowliq_bank=(liquid_assets<md_liquid_assets) if !missing(liquid_assets)
gen any_rel_3y_lowliq=any_rel_3y*lowliq_bank

reghdfe apr_spread ln_currentcreditlimit lowliq_bank any_rel_3y_lowliq any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit lowliq_bank any_rel_3y_lowliq any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_liquid_assets =pctile(liquid_assets), p(50)
gen lowliq_bank=(liquid_assets<md_liquid_assets) if !missing(liquid_assets)
gen any_rel_3y_lowliq=any_rel_3y*lowliq_bank

reghdfe apr_spread ln_currentcreditlimit lowliq_bank any_rel_3y_lowliq any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit lowliq_bank any_rel_3y_lowliq any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***COVID-19 Crisis

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_liquid_assets =pctile(liquid_assets), p(50)
gen lowliq_bank=(liquid_assets<md_liquid_assets) if !missing(liquid_assets)

gen us_econ_cris_us_dummy1_lowliq=us_econ_cris_us_dummy1*lowliq_bank 
gen any_rel_3y_lowliq=any_rel_3y*lowliq_bank
gen any_rel_3y_cris_lowliq=any_rel_3y_cris*lowliq_bank

reghdfe apr_spread any_rel_3y_cris_lowliq lowliq_bank us_econ_cris_us_dummy1_lowliq any_rel_3y_lowliq ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_lowliq lowliq_bank us_econ_cris_us_dummy1_lowliq any_rel_3y_lowliq   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_liquid_assets =pctile(liquid_assets), p(50)
gen lowliq_bank=(liquid_assets<md_liquid_assets) if !missing(liquid_assets)

gen us_econ_cris_us_dummy1_lowliq=us_econ_cris_us_dummy1*lowliq_bank 
gen any_rel_3y_lowliq=any_rel_3y*lowliq_bank
gen any_rel_3y_cris_lowliq=any_rel_3y_cris*lowliq_bank

reghdfe apr_spread any_rel_3y_cris_lowliq lowliq_bank us_econ_cris_us_dummy1_lowliq any_rel_3y_lowliq ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_lowliq lowliq_bank us_econ_cris_us_dummy1_lowliq any_rel_3y_lowliq   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***************************************************************************
****Table OA.3: Heterogenous Effects by Bank and County Characteristics ***
****Panel D: Effects - Low Core Deposits (< Median) Banks               ***
***************************************************************************

***Normal Times

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_core_dep_r2 =pctile(core_dep_r2), p(50)
gen lowdep_bank=(core_dep_r2<md_core_dep_r2) if !missing(core_dep_r2)
gen any_rel_3y_lowdep=any_rel_3y*lowdep_bank

reghdfe apr_spread ln_currentcreditlimit lowdep_bank any_rel_3y_lowdep any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit lowdep_bank any_rel_3y_lowdep any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_core_dep_r2 =pctile(core_dep_r2), p(50)
gen lowdep_bank=(core_dep_r2<md_core_dep_r2) if !missing(core_dep_r2)
gen any_rel_3y_lowdep=any_rel_3y*lowdep_bank

reghdfe apr_spread ln_currentcreditlimit lowdep_bank any_rel_3y_lowdep any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit lowdep_bank any_rel_3y_lowdep any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***COVID-19 Crisis

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_core_dep_r2 =pctile(core_dep_r2), p(50)
gen lowdep_bank=(core_dep_r2<md_core_dep_r2) if !missing(core_dep_r2)

gen us_econ_cris_us_dummy1_lowdep=us_econ_cris_us_dummy1*lowdep_bank 
gen any_rel_3y_lowdep=any_rel_3y*lowdep_bank
gen any_rel_3y_cris_lowdep=any_rel_3y_cris*lowdep_bank

reghdfe apr_spread any_rel_3y_cris_lowdep lowdep_bank us_econ_cris_us_dummy1_lowdep any_rel_3y_lowdep ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_lowdep lowdep_bank us_econ_cris_us_dummy1_lowdep any_rel_3y_lowdep any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_core_dep_r2 =pctile(core_dep_r2), p(50)
gen lowdep_bank=(core_dep_r2<md_core_dep_r2) if !missing(core_dep_r2)

gen us_econ_cris_us_dummy1_lowdep=us_econ_cris_us_dummy1*lowdep_bank 
gen any_rel_3y_lowdep=any_rel_3y*lowdep_bank
gen any_rel_3y_cris_lowdep=any_rel_3y_cris*lowdep_bank

reghdfe apr_spread any_rel_3y_cris_lowdep lowdep_bank us_econ_cris_us_dummy1_lowdep any_rel_3y_lowdep ln_currentcreditlimit any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_lowdep lowdep_bank us_econ_cris_us_dummy1_lowdep any_rel_3y_lowdep any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear



***************************************************************************
****Table OA.3: Heterogenous Effects by Bank and County Characteristics ***
****Panel E: Effects - Low ROE (< Median) Banks                         ***
***************************************************************************

***Normal Times

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_roe =pctile(roe_ann), p(50)
gen lowroe_bank=(roe_ann<md_roe) if !missing(roe_ann)
gen any_rel_3y_lowroe=any_rel_3y*lowroe_bank

reghdfe apr_spread ln_currentcreditlimit lowroe_bank any_rel_3y_lowroe any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit lowroe_bank any_rel_3y_lowroe any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_roe =pctile(roe_ann), p(50)
gen lowroe_bank=(roe_ann<md_roe) if !missing(roe_ann)
gen any_rel_3y_lowroe=any_rel_3y*lowroe_bank

reghdfe apr_spread ln_currentcreditlimit lowroe_bank any_rel_3y_lowroe any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit lowroe_bank any_rel_3y_lowroe any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***COVID-19 Crisis

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_roe =pctile(roe_ann), p(50)
gen lowroe_bank=(roe_ann<md_roe) if !missing(roe_ann)

gen us_econ_cris_us_dummy1_lowroe=us_econ_cris_us_dummy1*lowroe_bank 
gen any_rel_3y_lowroe=any_rel_3y*lowroe_bank
gen any_rel_3y_cris_lowroe=any_rel_3y_cris*lowroe_bank

reghdfe apr_spread any_rel_3y_cris_lowroe lowroe_bank us_econ_cris_us_dummy1_lowroe any_rel_3y_lowroe ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_lowroe lowroe_bank us_econ_cris_us_dummy1_lowroe any_rel_3y_lowroe   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_roe =pctile(roe_ann), p(50)
gen lowroe_bank=(roe_ann<md_roe) if !missing(roe_ann)

gen us_econ_cris_us_dummy1_lowroe=us_econ_cris_us_dummy1*lowroe_bank 
gen any_rel_3y_lowroe=any_rel_3y*lowroe_bank
gen any_rel_3y_cris_lowroe=any_rel_3y_cris*lowroe_bank

reghdfe apr_spread any_rel_3y_cris_lowroe lowroe_bank us_econ_cris_us_dummy1_lowroe any_rel_3y_lowroe ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_lowroe lowroe_bank us_econ_cris_us_dummy1_lowroe any_rel_3y_lowroe   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear



***************************************************************************
****Table OA.3: Heterogenous Effects by Bank and County Characteristics ***
****Panel F: Effects - High CC Complaints (< Median) Banks              ***
***************************************************************************

***Normal Times

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_compl =pctile(lag_num_complaints), p(50)
gen highcompl_bank=(lag_num_complaints>=md_compl) if !missing(lag_num_complaints)
gen any_rel_3y_highcompl=any_rel_3y*highcompl_bank

reghdfe apr_spread ln_currentcreditlimit highcompl_bank any_rel_3y_highcompl any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit highcompl_bank any_rel_3y_highcompl any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_compl =pctile(lag_num_complaints), p(50)
gen highcompl_bank=(lag_num_complaints>=md_compl) if !missing(lag_num_complaints)
gen any_rel_3y_highcompl=any_rel_3y*highcompl_bank

reghdfe apr_spread ln_currentcreditlimit highcompl_bank any_rel_3y_highcompl any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit highcompl_bank any_rel_3y_highcompl any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***COVID-19 Crisis

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_compl =pctile(lag_num_complaints), p(50)
gen highcompl_bank=(lag_num_complaints>=md_compl) if !missing(lag_num_complaints)

gen us_econ_cris_us_dummy1_highcompl=us_econ_cris_us_dummy1*highcompl_bank 
gen any_rel_3y_highcompl=any_rel_3y*highcompl_bank
gen any_rel_3y_cris_highcompl=any_rel_3y_cris*highcompl_bank

reghdfe apr_spread any_rel_3y_cris_highcompl highcompl_bank us_econ_cris_us_dummy1_highcompl any_rel_3y_highcompl ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_highcompl highcompl_bank us_econ_cris_us_dummy1_highcompl any_rel_3y_highcompl   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_compl =pctile(lag_num_complaints), p(50)
gen highcompl_bank=(lag_num_complaints>=md_compl) if !missing(lag_num_complaints)

gen us_econ_cris_us_dummy1_highcompl=us_econ_cris_us_dummy1*highcompl_bank 
gen any_rel_3y_highcompl=any_rel_3y*highcompl_bank
gen any_rel_3y_cris_highcompl=any_rel_3y_cris*highcompl_bank

reghdfe apr_spread any_rel_3y_cris_highcompl highcompl_bank us_econ_cris_us_dummy1_highcompl any_rel_3y_highcompl ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_highcompl highcompl_bank us_econ_cris_us_dummy1_highcompl any_rel_3y_highcompl   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear



*********************************************************************************
****Table OA.3: Heterogenous Effects by Bank and County Characteristics       ***
****Panel G: Effects - High Nonprime (< 720 Credit Score) Concentration Banks ***
*********************************************************************************

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_bank_share =pctile(pct_notprime_y14full), p(50)
gen highshare_bank=(pct_notprime_y14full>=md_bank_share) if !missing(pct_notprime_y14full)
gen any_rel_3y_highshare=any_rel_3y*highshare_bank

reghdfe apr_spread ln_currentcreditlimit highshare_bank any_rel_3y_highshare any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit highshare_bank any_rel_3y_highshare any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_bank_share =pctile(pct_notprime_y14full), p(50)
gen highshare_bank=(pct_notprime_y14full>=md_bank_share) if !missing(pct_notprime_y14full)
gen any_rel_3y_highshare=any_rel_3y*highshare_bank

reghdfe apr_spread ln_currentcreditlimit highshare_bank any_rel_3y_highshare any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit highshare_bank any_rel_3y_highshare any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_bank_share =pctile(pct_notprime_y14full), p(50)
gen highshare_bank=(pct_notprime_y14full>=md_bank_share) if !missing(pct_notprime_y14full)

gen us_econ_cris_us_dummy1_highshare=us_econ_cris_us_dummy1*highshare_bank 
gen any_rel_3y_highshare=any_rel_3y*highshare_bank
gen any_rel_3y_cris_highshare=any_rel_3y_cris*highshare_bank

reghdfe apr_spread any_rel_3y_cris_highshare highshare_bank us_econ_cris_us_dummy1_highshare any_rel_3y_highshare ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_highshare highshare_bank us_econ_cris_us_dummy1_highshare any_rel_3y_highshare   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_bank_share =pctile(pct_notprime_y14full), p(50)
gen highshare_bank=(pct_notprime_y14full>=md_bank_share) if !missing(pct_notprime_y14full)

gen us_econ_cris_us_dummy1_highshare=us_econ_cris_us_dummy1*highshare_bank 
gen any_rel_3y_highshare=any_rel_3y*highshare_bank
gen any_rel_3y_cris_highshare=any_rel_3y_cris*highshare_bank

reghdfe apr_spread any_rel_3y_cris_highshare highshare_bank us_econ_cris_us_dummy1_highshare any_rel_3y_highshare ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_highshare highshare_bank us_econ_cris_us_dummy1_highshare any_rel_3y_highshare   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***************************************************************************
****Table OA.3: Heterogenous Effects by Bank and County Characteristics ***
****Panel H: Effects - High (>= Median) Unemployment Rate (UR) County   ***
***************************************************************************

***Normal Times

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_ur =pctile(cnty_ur_lag1mo_final), p(50)
gen highur_cnty=(cnty_ur_lag1mo_final>=md_ur) if !missing(cnty_ur_lag1mo_final)
gen any_rel_3y_highur=any_rel_3y*highur_cnty

reghdfe apr_spread ln_currentcreditlimit highur_cnty any_rel_3y_highur any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit highur_cnty any_rel_3y_highur any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_ur =pctile(cnty_ur_lag1mo_final), p(50)
gen highur_cnty=(cnty_ur_lag1mo_final>=md_ur) if !missing(cnty_ur_lag1mo_final)
gen any_rel_3y_highur=any_rel_3y*highur_cnty

reghdfe apr_spread ln_currentcreditlimit highur_cnty any_rel_3y_highur any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit highur_cnty any_rel_3y_highur any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***COVID-19 Crisis

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_ur =pctile(cnty_ur_lag1mo_final), p(50)
gen highur_cnty=(cnty_ur_lag1mo_final>=md_ur) if !missing(cnty_ur_lag1mo_final)

gen us_econ_cris_us_dummy1_highur=us_econ_cris_us_dummy1*highur_cnty 
gen any_rel_3y_highur=any_rel_3y*highur_cnty
gen any_rel_3y_cris_highur=any_rel_3y_cris*highur_cnty

reghdfe apr_spread any_rel_3y_cris_highur highur_cnty us_econ_cris_us_dummy1_highur any_rel_3y_highur ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_highur highur_cnty us_econ_cris_us_dummy1_highur any_rel_3y_highur   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_ur =pctile(cnty_ur_lag1mo_final), p(50)
gen highur_cnty=(cnty_ur_lag1mo_final>=md_ur) if !missing(cnty_ur_lag1mo_final)

gen us_econ_cris_us_dummy1_highur=us_econ_cris_us_dummy1*highur_cnty 
gen any_rel_3y_highur=any_rel_3y*highur_cnty
gen any_rel_3y_cris_highur=any_rel_3y_cris*highur_cnty

reghdfe apr_spread any_rel_3y_cris_highur highur_cnty us_econ_cris_us_dummy1_highur any_rel_3y_highur ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_highur highur_cnty us_econ_cris_us_dummy1_highur any_rel_3y_highur   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear



***************************************************************************
****Table OA.3: Heterogenous Effects by Bank and County Characteristics ***
****Panel I: Effects - Low (< Median) Family Income County              ***
***************************************************************************

***Normal Times

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_inc =pctile(lag_med_fam_income_tract), p(50)
gen lowinc_cnty=(lag_med_fam_income_tract<md_inc) if !missing(lag_med_fam_income_tract)
gen any_rel_3y_lowinc=any_rel_3y*lowinc_cnty

reghdfe apr_spread ln_currentcreditlimit lowinc_cnty any_rel_3y_lowinc any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit lowinc_cnty any_rel_3y_lowinc any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_inc =pctile(lag_med_fam_income_tract), p(50)
gen lowinc_cnty=(lag_med_fam_income_tract<md_inc) if !missing(lag_med_fam_income_tract)
gen any_rel_3y_lowinc=any_rel_3y*lowinc_cnty

reghdfe apr_spread ln_currentcreditlimit lowinc_cnty any_rel_3y_lowinc any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit lowinc_cnty any_rel_3y_lowinc any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***COVID-19 Crisis

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_inc =pctile(lag_med_fam_income_tract), p(50)
gen lowinc_cnty=(lag_med_fam_income_tract<md_inc) if !missing(lag_med_fam_income_tract)

gen us_econ_cris_us_dummy1_lowinc=us_econ_cris_us_dummy1*lowinc_cnty 
gen any_rel_3y_lowinc=any_rel_3y*lowinc_cnty
gen any_rel_3y_cris_lowinc=any_rel_3y_cris*lowinc_cnty

reghdfe apr_spread any_rel_3y_cris_lowinc lowinc_cnty us_econ_cris_us_dummy1_lowinc any_rel_3y_lowinc ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_lowinc lowinc_cnty us_econ_cris_us_dummy1_lowinc any_rel_3y_lowinc   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_inc =pctile(lag_med_fam_income_tract), p(50)
gen lowinc_cnty=(lag_med_fam_income_tract<md_inc) if !missing(lag_med_fam_income_tract)

gen us_econ_cris_us_dummy1_lowinc=us_econ_cris_us_dummy1*lowinc_cnty 
gen any_rel_3y_lowinc=any_rel_3y*lowinc_cnty
gen any_rel_3y_cris_lowinc=any_rel_3y_cris*lowinc_cnty

reghdfe apr_spread any_rel_3y_cris_lowinc lowinc_cnty us_econ_cris_us_dummy1_lowinc any_rel_3y_lowinc ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_lowinc lowinc_cnty us_econ_cris_us_dummy1_lowinc any_rel_3y_lowinc   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear



***************************************************************************
****Table OA.3: Heterogenous Effects by Bank and County Characteristics ***
****Panel J: Effects - High (>= Median) Minority Percent County         ***
***************************************************************************

***Normal Times

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_min =pctile(lag_pct_minority), p(50)
gen highmin_cnty=(lag_pct_minority>=md_min) if !missing(lag_pct_minority)
gen any_rel_3y_highmin=any_rel_3y*highmin_cnty

reghdfe apr_spread ln_currentcreditlimit highmin_cnty any_rel_3y_highmin any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit highmin_cnty any_rel_3y_highmin any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm<=202002

sort time_mm
egen md_min =pctile(lag_pct_minority), p(50)
gen highmin_cnty=(lag_pct_minority>=md_min) if !missing(lag_pct_minority)
gen any_rel_3y_highmin=any_rel_3y*highmin_cnty

reghdfe apr_spread ln_currentcreditlimit highmin_cnty any_rel_3y_highmin any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit highmin_cnty any_rel_3y_highmin any_rel_3y score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***COVID-19 Crisis

***Consumers

use "CC_CONS_DATASETS\CC_CONS_05PC_FINAL_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_min =pctile(lag_pct_minority), p(50)
gen highmin_cnty=(lag_pct_minority>=md_min) if !missing(lag_pct_minority)

gen us_econ_cris_us_dummy1_highmin=us_econ_cris_us_dummy1*highmin_cnty 
gen any_rel_3y_highmin=any_rel_3y*highmin_cnty
gen any_rel_3y_cris_highmin=any_rel_3y_cris*highmin_cnty

reghdfe apr_spread any_rel_3y_cris_highmin highmin_cnty us_econ_cris_us_dummy1_highmin any_rel_3y_highmin ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_highmin highmin_cnty us_econ_cris_us_dummy1_highmin any_rel_3y_highmin   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_DATASETS\CC_BUS_5PC_NEWORIG_final.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1 & replace_card2!=1
gen time_mm=year(accountoriginationdate)*100+month(accountoriginationdate)
keep if time_mm>=201911

sort time_mm
egen md_min =pctile(lag_pct_minority), p(50)
gen highmin_cnty=(lag_pct_minority>=md_min) if !missing(lag_pct_minority)

gen us_econ_cris_us_dummy1_highmin=us_econ_cris_us_dummy1*highmin_cnty 
gen any_rel_3y_highmin=any_rel_3y*highmin_cnty
gen any_rel_3y_cris_highmin=any_rel_3y_cris*highmin_cnty

reghdfe apr_spread any_rel_3y_cris_highmin highmin_cnty us_econ_cris_us_dummy1_highmin any_rel_3y_highmin ln_currentcreditlimit   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y_cris_highmin highmin_cnty us_econ_cris_us_dummy1_highmin any_rel_3y_highmin   any_rel_3y any_rel_3y_cris score_580_660 score_660_720 score_720plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio npl liquid_assets roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


****************************************************
*******EXISTING ACCOUNTS****************************
****************************************************

********************************************************************
****Table OA.4 Panel B: Summary Statistics for Existing Accounts ***
********************************************************************

***Normal Times

***Consumers

use "CC_CONS_01PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mm=year(accountcycledate)*100+month(accountcycledate)
gen init_other =1 -(customer_branch_app +customer_other_app+ pre_approved+ apply_invitation)
gen other_card=1-(general_pupose+cobrand+affinity)

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit cycleendingbalance other_card promo_apr any_rel_3y refreshed_score refreshscore_300_580 refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_yr age_1_3 age_3_5 age_5_10 age_10plus ln_b income_0_25k income_25_50k income_50_100k income_100_150k borrowerincome ln_borrowerincome income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation init_other bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

clear

***Small Businesses

use "CC_BUS_1PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mm=year(accountcycledate)*100+month(accountcycledate)
gen init_other =1 -(customer_branch_app +customer_other_app+ pre_approved+ apply_invitation)
gen other_card=1-(general_pupose+cobrand+affinity)

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit cycleendingbalance other_card promo_apr any_rel_3y refreshed_score refreshscore_300_580 refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_yr age_1_3 age_3_5 age_5_10 age_10plus ln_b income_0_25k income_25_50k income_50_100k income_100_150k borrowerincome ln_borrowerincome income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation init_other bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

clear

*****COVID-19 Crisis

***Consumers

use "CC_CONS_01PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mm=year(accountcycledate)*100+month(accountcycledate)
gen other_card=1-(general_pupose+cobrand+affinity)
gen init_other =1 -(customer_branch_app +customer_other_app+ pre_approved+ apply_invitation)

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit cycleendingbalance other_card promo_apr any_rel_3y any_rel_3y_cris us_econ_cris_us_dummy1 refreshed_score refreshscore_300_580 refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_yr age_1_3 age_3_5 age_5_10 age_10plus ln_b income_0_25k income_25_50k income_50_100k income_100_150k borrowerincome ln_borrowerincome income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation init_other bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

***Pre & Post

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit cycleendingbalance other_card promo_apr any_rel_3y any_rel_3y_cris us_econ_cris_us_dummy1 refreshed_score refreshscore_300_580 refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_yr age_1_3 age_3_5 age_5_10 age_10plus ln_b income_0_25k income_25_50k income_50_100k income_100_150k borrowerincome ln_borrowerincome income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation init_other bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & us_econ_cris_us_dummy1==0, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit cycleendingbalance other_card promo_apr any_rel_3y any_rel_3y_cris us_econ_cris_us_dummy1 refreshed_score refreshscore_300_580 refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_yr age_1_3 age_3_5 age_5_10 age_10plus ln_b income_0_25k income_25_50k income_50_100k income_100_150k borrowerincome ln_borrowerincome income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation init_other bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & us_econ_cris_us_dummy1==1, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

clear

***Small Businesses

use "CC_BUS_1PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mm=year(accountcycledate)*100+month(accountcycledate)
gen other_card=1-(general_pupose+cobrand+affinity)
gen init_other =1 -(customer_branch_app +customer_other_app+ pre_approved+ apply_invitation)

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit cycleendingbalance other_card promo_apr any_rel_3y any_rel_3y_cris us_econ_cris_us_dummy1 refreshed_score refreshscore_300_580 refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_yr age_1_3 age_3_5 age_5_10 age_10plus ln_b income_0_25k income_25_50k income_50_100k income_100_150k borrowerincome ln_borrowerincome income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation init_other bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

***Pre & Post

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit cycleendingbalance other_card promo_apr any_rel_3y any_rel_3y_cris us_econ_cris_us_dummy1 refreshed_score refreshscore_300_580 refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_yr age_1_3 age_3_5 age_5_10 age_10plus ln_b income_0_25k income_25_50k income_50_100k income_100_150k borrowerincome ln_borrowerincome income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation init_other bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & us_econ_cris_us_dummy1==0, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

reghdfe apr_spread ln_currentcreditlimit currentcreditlimit cycleendingbalance other_card promo_apr any_rel_3y any_rel_3y_cris us_econ_cris_us_dummy1 refreshed_score refreshscore_300_580 refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_yr age_1_3 age_3_5 age_5_10 age_10plus ln_b income_0_25k income_25_50k income_50_100k income_100_150k borrowerincome ln_borrowerincome income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation init_other bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & us_econ_cris_us_dummy1==1, absorb(rssd9001 county_code time_mm) cluster(county_code) summ(mean sd n)

clear

*********************************************************************************
****Table OA.5: Effects of Relationships on Credit Terms on Existing Accounts ***
*********************************************************************************

***Normal Times

***Consumers

use "CC_CONS_01PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mm=year(accountcycledate)*100+month(accountcycledate)

reghdfe apr_spread ln_currentcreditlimit promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_1PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mm=year(accountcycledate)*100+month(accountcycledate)

reghdfe apr_spread ln_currentcreditlimit promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***COVID-19 Crisis

***Consumers

use "CC_CONS_01PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mm=year(accountcycledate)*100+month(accountcycledate)

reghdfe apr_spread ln_currentcreditlimit promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

***Small Businesses

use "CC_BUS_1PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mm=year(accountcycledate)*100+month(accountcycledate)

reghdfe apr_spread ln_currentcreditlimit promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

*****************************************************************************************************************************
****Table OA.6: Effects of Relationships on Credit Terms on Existing Accounts for Customers Split by Risk Characteristics ***
****Panel A: Normal Times                                                                                                 ***
*****************************************************************************************************************************

****Risk Characteristics: Credit Score, Securitized, Account Age, Account Type

**************************
*****Consumers ***********
**************************

use "CC_CONS_01PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mmm=year(accountcycledate)*100+month(accountcycledate)

gen revolver2=0
replace revolver2=1 if revolver==1 | delinquent==1
gen dormant2=0
replace dormant2=1 if revolver2==0 & transactor==0

***APR Spread

***FICO: above and below 720

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & refreshed_score<720, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & refreshed_score>=720, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Securitized: securitized

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & securitized==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & securitized==0, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Loan age: age_1_3 age_3_5 age_5_10 age_10plus

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_1_3==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_3_5==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_5_10==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_10plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Transactors/revolvers: transactor, revolver, dormant

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & transactor==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & revolver2==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & dormant2==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Limit

***FICO: above and below 720

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & refreshed_score<720, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & refreshed_score>=720, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Securitized: securitized

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & securitized==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & securitized==0, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Loan age: age_1_3 age_3_5 age_5_10 age_10plus

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_1_3==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_3_5==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_5_10==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_10plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Transactors/revolvers: transactor, revolver, dormant

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & transactor==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & revolver2==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & dormant2==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


clear



****************************
*****Small Businesses ******
****************************

use "CC_BUS_1PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mmm=year(accountcycledate)*100+month(accountcycledate)

gen revolver2=0
replace revolver2=1 if revolver==1 | delinquent==1
gen dormant2=0
replace dormant2=1 if revolver2==0 & transactor==0

***APR Spread

***FICO: above and below 720

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & refreshed_score<720, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & refreshed_score>=720, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Securitized: securitized

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & securitized==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & securitized==0, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Loan age: age_1_3 age_3_5 age_5_10 age_10plus

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_1_3==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_3_5==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_5_10==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_10plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Transactors/revolvers: transactor, revolver, dormant

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & transactor==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & revolver2==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & dormant2==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Limit

***FICO: above and below 720

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & refreshed_score<720, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & refreshed_score>=720, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Securitized: securitized

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & securitized==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & securitized==0, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Loan age: age_1_3 age_3_5 age_5_10 age_10plus

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_1_3==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_3_5==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_5_10==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & age_10plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Transactors/revolvers: transactor, revolver, dormant

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & transactor==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & revolver2==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002 & dormant2==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*****************************************************************************************************************************
****Table OA.6: Effects of Relationships on Credit Terms on Existing Accounts for Customers Split by Risk Characteristics ***
****Panel B: COVID-19 Crisis                                                                                              ***
*****************************************************************************************************************************

****Risk Characteristics: Credit Score, Securitized, Account Age, Account Type

***************************
*****Consumers: ***********
***************************

use "CC_CONS_01PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mmm=year(accountcycledate)*100+month(accountcycledate)


gen revolver2=0
replace revolver2=1 if revolver==1 | delinquent==1

***APR Spread

***FICO: above and below 720

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & refreshed_score<720, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & refreshed_score>=720, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Securitized: securitized

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & securitized==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & securitized==0, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Loan age: age_1_3 age_3_5 age_5_10 age_10plus

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_1_3==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_3_5==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_5_10==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_10plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Transactors/revolvers: transactor, revolver, dormant

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & transactor==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & revolver2==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & dormant_other==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Limit

***FICO: above and below 720

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & refreshed_score<720, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & refreshed_score>=720, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Securitized: securitized

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & securitized==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & securitized==0, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Loan age: age_1_3 age_3_5 age_5_10 age_10plus

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_1_3==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_3_5==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_5_10==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_10plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Transactors/revolvers: transactor, revolver, dormant

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & transactor==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & revolver2==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & dormant_other==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

****************************
*****Small Businesses: ***********
****************************

use "CC_BUS_1PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mmm=year(accountcycledate)*100+month(accountcycledate)


gen revolver2=0
replace revolver2=1 if revolver==1 | delinquent==1

***APR Spread

***FICO: above and below 720

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & refreshed_score<720, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & refreshed_score>=720, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Securitized: securitized

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & securitized==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & securitized==0, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Loan age: age_1_3 age_3_5 age_5_10 age_10plus

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_1_3==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_3_5==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_5_10==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_10plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Transactors/revolvers: transactor, revolver, dormant

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & transactor==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & revolver2==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe apr_spread ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & dormant_other==1, absorb(rssd9001 county_code time_mm) cluster(county_code)


***Limit

***FICO: above and below 720

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & refreshed_score<720, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & refreshed_score>=720, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Securitized: securitized

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & securitized==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & securitized==0, absorb(rssd9001 county_code time_mm) cluster(county_code)
outreg2 using "TableOA6B4.xls", adjr2 tstat bdec(3) tdec(3) nolabel append

***Loan age: age_1_3 age_3_5 age_5_10 age_10plus

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_1_3==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_3_5==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_5_10==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & age_10plus==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

***Transactors/revolvers: transactor, revolver, dormant

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & transactor==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & revolver2==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe ln_currentcreditlimit any_rel_3y any_rel_3y_cris refreshed_score mos_since_last_refresh age_yr ln_borrowerincome util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd promo_apr general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911 & dormant_other==1, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear

*******************************************************************************************
*****Table OA.7: Forbearance Accommodations during Normal Times and the COVID-19 Crisis ***
*****Panel A: Normal Times                                                              ***
*******************************************************************************************

***Consumers

use "CC_CONS_01PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mm=year(accountcycledate)*100+month(accountcycledate)

reghdfe forbearance_all promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_reduced_rate promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_0minpay promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_deferpay promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_waivelatefee promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_waiveinterest promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_other2 promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***Small Businesses

use "CC_BUS_1PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mm=year(accountcycledate)*100+month(accountcycledate)

reghdfe forbearance_all promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_reduced_rate promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_0minpay promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_deferpay promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_waivelatefee promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_waiveinterest promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_other2 promo_apr any_rel_3y refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm<=202002, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


*******************************************************************************************
*****Table OA.7: Forbearance Accommodations during Normal Times and the COVID-19 Crisis ***
*****Panel B: COVID-19 Crisis                                                           ***
*******************************************************************************************

***Consumers

use "CC_CONS_01PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mm=year(accountcycledate)*100+month(accountcycledate)

reghdfe forbearance_all promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_reduced_rate promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_0minpay promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_deferpay promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_waivelatefee promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_waiveinterest promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_other2 promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear


***Small Businesses

use "CC_BUS_1PC_FINAL_existing_final2_brief.dta"
keep if inactive==0 & both_spread_limit==1 & b_income==1
gen time_mm=year(accountcycledate)*100+month(accountcycledate)

reghdfe forbearance_all promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_reduced_rate promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_0minpay promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_deferpay promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_waivelatefee promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_waiveinterest promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

reghdfe forb_other2 promo_apr any_rel_3y any_rel_3y_cris refreshscore_580_660 refreshscore_660_720 refreshscore_720plus mos_since_last_refresh age_3_5 age_5_10 age_10plus income_25_50k income_50_100k income_100_150k income_150k_plus util_rate jointaccount many_auth_users variableinterestrate secured securitized ever_60dpd general_pupose cobrand affinity customer_branch_app customer_other_app pre_approved apply_invitation bank_size bank_age eq_capital_ratio liquid_assets npl roe_ann loans_ta cnty_ur_lag1mo_final cnty_hpi_lag1mo_final lag1_cnty_hpi_ch1mo_final if time_mm>=201911, absorb(rssd9001 county_code time_mm) cluster(county_code)

clear





